What will federal aid for unemployed Americans look like after July 31?

On July 31, the extra $600 per week out-of-work Americans have been receiving as part of the federal CARES Act will be no more. With COVID-19 leading to a fresh round of lockdowns, unemployment still over 11 percent, and an estimated 17.6 million Americans unlikely to return to their pre-COVID-19 jobs, it’s crunch time for both the nation’s leaders and its unemployed workers. In May, the Democrat-led House of Representatives passed the HEROES Act, which would extend the $600 benefit until January 2021. President Donald Trump deemed the Act “dead on arrival” after its passing, but has since changed his tune considerably, signaling that he is at least in favor of more stimulus checks. The HEROES Act is expected to face stiff resistance in the Senate once it reconvenes on July 20. But the Senate has no choice but to do something, says Michael Gregory, head of U.S. economics for BMO Capital Markets. The national unemploymen