Approved Senate Bill to Give Relief to Unemployed and Small Businesses

Despite predictions that the economic downturn will take a turn for the better this year, the Labor Department reported that jobs continue to remain scarce across the country. In fact, the unemployment rate rose in 30 states last January, with a national jobless rate was 9.7 percent.

With jobs were few and far in between, and with millions of Americans unemployed, many have pinned their hopes on receiving continued unemployment insurance benefits for support and survival.

The good news is, in a 62-36 vote by the Senate, a bill providing continued unemployment assistance as well as tax breaks to alleviate the crunch of recession. Here are some of the pertinent benefits provided by the bill approved by the Senate:

• Extension of more generous unemployment benefits until Dec. 31
• Federal subsidy for COBRA health insurance until Dec. 31
• Medicaid aid to cash strapped states
• Tax breaks for teachers that allow deduction of education expenses
• Businesses shall be provided research and development credit
• $354 million for continued funding to the increased Small Business Administration guarantee and fee waiver
• Deduction for college tuition for couples making less than $160,000 a year
• Tax credit for community development agencies that invest in low-income neighborhoods
• Tax break for restaurant owners and retailers who remodel their stores

Although the bill, worth $130 billion has raised several angry protests over many lawmakers who felt it would unduly burden the gargantuan national debt worth $12.5 trillion, the impact on the deficit will be defrayed by crackdowns on abusive tax shelters locking paper companies from claiming tax credits.

The passage of the bill could not have come at a better time and indeed, small businesses could really use the boost. The tax breaks in particular, could ease the pressure off of small business owners and allow them to invest more in hiring employees or even people to remodel or renovate their businesses.

In California, to be eligible for unemployment benefits, the applicant must not be receiving any wages or if any, when wages payable to him hen reduced by twenty-five dollars ($25) or 25 percent of the wages payable, whichever is greater, do not equal or exceed his or her weekly benefit amount.

To find out more on how to receive unemployment insurance in California, got to https://eapply4ui.edd.ca.gov/ or seek the advice of a California attorney who specializes in unemployment benefits.

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