Many federal unemployment benefits were set to expire on On Labor Day weekend as the current economic recovery continues.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law on March 27, 2020 was one of the largest economic relief packages in American history offering billions in enhanced and expanded unemployment benefits to millions of American workers experiencing unemployment due to effects of the COVID-19 pandemic.
The Pandemic Unemployment Assistance (PUA) program, the Pandemic Emergency Unemployment Compensation (PEUC), and the Pandemic Unemployment Compensation (PUC) programs were set to expire on Labor Day weekend after being extended in September 2020 and December 2020. NAR specifically advocated for these crucial benefits during the height of the pandemic. In many states, real estate was deemed essential and allowed many real estate professionals to continue to work. Many jobs continue to be added to the economy offering many workers continued support and flexibility. The job market and economy is much stronger today than a year ago.
Although pandemic related challenges continue, NAR will continue to advocate for real estate services to continue to remain a priority on the road to economic recovery.