It feels like the pandemic was *** lifetime ago and after three years of extended government assistance, some major programs are set to end soon but the effects of the lockdowns are lingering on for many Americans financially which assistance programs are set to end soon. And what will it mean for those who will miss out on the help? This is clarified the unprecedented crisis. That was the COVID-19 pandemic pushed economies around the world to the brink. Shuttered businesses closed schools and social isolation left *** huge mark on the American economy. Over 9 million Americans lost their jobs to avoid *** total economic collapse. Liberated trillions of dollars in the form of pandemic era. Financial assistance money was pumped into the economy in the form of stimulus checks, unemployment benefits and child tax credits. But three years later, some major government financial aid programs are shutting down. What are they? And what will it mean? The first program to go is the student loan payment. Pause starting in October, around 28 million people will be required to start repaying their student loans back. Most borrowers have enjoyed not only making zero payments but also *** 0% interest rate in September interest on those accounts began again. The average monthly loan payment is between 203 $100 but that will likely increase. Some data suggests that one in five borrowers have risk factors that may cause them to struggle repaying the loans when the payments resume. Another program scheduled to end is childcare stabilization funds. $50 billion in relief funding allowed childcare programs across the country to rebound from the pandemic. But most of those funds will expire in September. They could use the money for rent, buying P pe and paying employees unless lawmakers agree to an extension, this funding expires September 30 which could result in the closure of up to 70,000 childcare programs. Next up, the work requirement for those on food stamps is set to return and expand this fall during the pandemic. The requirement that any able bodied adult between 18 and 49 years old would have to work at least 20 hours *** week to qualify for food stamps was paused. October that requirement will return with the age groups expanded up to 54 year olds. This will affect around 500,000 to *** million of the lowest income Americans finally continuous Medicaid coverage will also pause this fall with some states already putting the regulations into effect. This means that states will now be able to dis enroll people from Medicaid if they are deemed ineligible or if they didn't complete the renewal process. This is largely unknown to people with one KFF study showing that around 65% of people were unaware that states could now make those decisions. This fall. There are *** few major changes to look out for that could impact the finances of millions of Americans. Thankfully, *** few more assistance programs are still around for the foreseeable future, including rental assistance funding for K through 12 schools and state and local relief funds.
Clarified: Which government assistance programs are shutting down and what does it mean?
Three years after the pandemic turned our lives upside down, some of the much-needed government assistance programs are coming to an end. Here’s what you need to know to plan for a future without the help.
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Updated: 3:17 PM CDT Oct 2, 2023
This fall, four major financial assistance programs that were put in place during the pandemic will be shutting down, leaving Americans vulnerable without the extra help. Clarified investigates which assistance programs will be leaving and how they will affect those left behind. When COVID-19 hit, governments around the world held their breath as global economies tanked. In order to prevent a total economic collapse, the U.S. government pumped trillions of dollars into the economy. Stimulus checks, child tax credits, unemployment benefits and more all helped keep Americans afloat and protected them from some of the worst consequences of the lockdowns. Even so, over 9 million Americans lost their jobs in 2020. Three years after it all began, the financial effects of the pandemic are still lingering on. However, in the coming weeks, some major government assistance programs will be stopping operations, potentially leaving millions of Americans without much-needed help. Student Loan Payment PauseSince the COVID-19 crisis began, borrowers with student debt have enjoyed making no payments and also accruing zero interest on their balances. From October 2023, that will no longer be the case. In September, interest was added onto student loan balances, and from Oct. 1, borrowers will begin again to make payments. The average monthly payment sits at between $200-$299 but will likely increase. Child Care Stabilization FundsThe government liberated around $50 billion dedicated to childcare during the pandemic, helping childcare providers bounce back. Providers were entitled to spend the money on buying personal protective equipment, paying employees and making rent payments. On September 30, many of those funds are set to expire. This could leave 70,000 childcare providers vulnerable to closure. Food Stamp Work Requirement Before the pandemic, able-bodied adults up to 49 years old were required to work at least 20 hours a week in order to receive food stamps. During the pandemic, this requirement was waived. However, now it is back again and has actually expanded to include adults up to 54 years old. This has the potential to impact around 500,000 of the poorest Americans and may cut them off from the Supplemental Nutrition Assistance Program, aka SNAP. Continuous Medicaid Medicaid enrollment is also changing this fall, with some states already changing regulations. Now, states will be able to disenroll people from Medicaid if they are no longer deemed eligible or if they fail to complete the enrollment process. Worryingly, around 65% of people were unaware that states could now make such changes, according to a KFF study. This fall, look out for these changes and begin to plan ahead for how finances may change when the effects of these programs.
This fall, four major financial assistance programs that were put in place during the pandemic will be shutting down, leaving Americans vulnerable without the extra help. Clarified investigates which assistance programs will be leaving and how they will affect those left behind.
When COVID-19 hit, governments around the world held their breath as global economies tanked. In order to prevent a total economic collapse, the U.S. government pumped trillions of dollars into the economy. Stimulus checks, child tax credits, unemployment benefits and more all helped keep Americans afloat and protected them from some of the worst consequences of the lockdowns. Even so, over 9 million Americans lost their jobs in 2020.
Three years after it all began, the financial effects of the pandemic are still lingering on. However, in the coming weeks, some major government assistance programs will be stopping operations, potentially leaving millions of Americans without much-needed help.
Student Loan Payment Pause
Since the COVID-19 crisis began, borrowers with student debt have enjoyed making no payments and also accruing zero interest on their balances. From October 2023, that will no longer be the case. In September, interest was added onto student loan balances, and from Oct. 1, borrowers will begin again to make payments. The average monthly payment sits at between $200-$299 but will likely increase.
Child Care Stabilization Funds
The government liberated around $50 billion dedicated to childcare during the pandemic, helping childcare providers bounce back. Providers were entitled to spend the money on buying personal protective equipment, paying employees and making rent payments. On September 30, many of those funds are set to expire. This could leave 70,000 childcare providers vulnerable to closure.
Food Stamp Work Requirement
Before the pandemic, able-bodied adults up to 49 years old were required to work at least 20 hours a week in order to receive food stamps. During the pandemic, this requirement was waived. However, now it is back again and has actually expanded to include adults up to 54 years old. This has the potential to impact around 500,000 of the poorest Americans and may cut them off from the Supplemental Nutrition Assistance Program, aka SNAP.
Continuous Medicaid
Medicaid enrollment is also changing this fall, with some states already changing regulations. Now, states will be able to disenroll people from Medicaid if they are no longer deemed eligible or if they fail to complete the enrollment process. Worryingly, around 65% of people were unaware that states could now make such changes, according to a KFF study.
This fall, look out for these changes and begin to plan ahead for how finances may change when the effects of these programs.
