Schedule a Free Consultation

facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause
Most CARES Act Benefits Are Ending on Dec. 31st. Are You Prepared? Thumbnail

Most CARES Act Benefits Are Ending on Dec. 31st. Are You Prepared?

The CARES Act was passed on March 27, 2020 amidst the onset of COVID-19 in America. The package included over $2 trillion in economic relief for businesses, workers, families and governments.1 

Now, the year is almost over - and some benefits included in the CARES Act are expiring. Many Americans have relied on these benefits to make ends meet throughout the course of the pandemic, and there’s widespread uncertainty about benefits coming in the future. 

Which Benefits Are Expiring on Dec. 31? 

Benefit #1: Pandemic Unemployment Assistance 

The Pandemic Unemployment Assistance program, or PUA, gives states the ability to provide “unemployment” benefits to those who don’t qualify for regular unemployment. This includes individuals that are self-employed, independent contractors or gig economy workers.2 

Benefit #2: Extended Federal Unemployment Benefits

The CARES Act also enhanced regular unemployment benefits. Thanks to Pandemic Emergency Unemployment Compensation, individuals have been able to collect federal unemployment benefits for up to 39 weeks rather than the standard 26.3 

Benefit #3: $300 Extra Unemployment Benefit

Although it was valued at $600 for the first few months of the pandemic, individuals collecting unemployment benefits have been receiving a $300 bonus unemployment check weekly. 

Benefit #4: Protections Against Evictions 

Extended by the CDC through Dec. 31, there are currently protections against evictions for failure to pay rent in order to prevent the spread of COVID-19. This prevents a landlord or owner from evicting a “covered” person from a residential property due to the tenant’s inability to pay rent.4 

Benefit #5: Student Loan Deferments 

Another extended portion of the CARES Act, this stipulation allowed those with student loans to defer payments until Dec. 31. Unless further action is taken, these deferments may no longer be an option and interest will resume being charged.5

What Can You Do? 

If you’ve been depending on many of these benefits financially, the end of the year seems daunting. It’s difficult to say if benefits will be extended or new benefits introduced. Assuming these benefits are ending permanently for the time being, here are some measures you can take to prepare.

Make a Plan 

It sounds simple, but this is the most important task. Talk to your family and loved ones and make a plan to conserve your finances. Maybe this means you have to cut your spending, alter how you’re allocating your company’s budget or temporarily move in with family - whatever your plan of action may be, just make sure you have one.

Keep an Eye On Policies

This may not be the end of your benefits. Always stay aware of what’s going on in policy, on both the state and federal levels, so you can remain on top of the situation.

Be Flexible 

This has been important throughout the entire pandemic. In such uncertain times, many people are needing to get creative in order to preserve financial security. Perhaps you need to adapt your business to a remote environment or set a budget for your family members. Be flexible and patient, and encourage the same from others.

The state of the economy, and particularly the policies instated in response, have instilled uncertainty nationwide. If you’re depending on CARES Act Benefits, don’t get caught off guard when they expire. Get informed about the situation, understand how it affects you and make a plan as we go into the new year.

Click here to schedule a call with a BWC advisor today.


  1. https://home.treasury.gov/policy-issues/cares
  2. https://www.dol.gov/coronavirus/unemployment-insurance
  3. https://www.edd.ca.gov/about_edd/coronavirus-2019/cares-act.htm
  4. https://www.cdc.gov/coronavirus/2019-ncov/downloads/eviction-moratoria-order-faqs.pdf
  5. https://studentaid.gov/announcements-events/coronavirus

The information presented in this article is obtained from or based on sources believed to be reliable. BWC does not represent or warrant its accuracy or completeness and is not responsible for losses or damages arising out of errors, omissions or changes or from the use of information presented in this article. The article does not purport to contain all the information that an interested party may desire and, in fact, provides only a limited view. Information presented does not constitute an offer to sell or a solicitation of an offer to buy any security.

All investments involve risk, including loss of principal invested. Past Performance does not guarantee future performance. Individual client accounts and performance vary. BWC does not provide tax advice.

About Beirne Wealth Consulting Services, LLC – www.beirnewealth.com

Beirne Wealth Consulting Services, LLC (“BWC”) is a privately owned, SEC Registered Investment Advisor with offices in Connecticut and Pennsylvania. BWC provides independent, fee-based investment management services and customized financial planning solutions. Our institutional business provides consulting expertise to defined benefit and defined contribution plans, endowments, foundations and non-profit organizations. Our private clients include high net-worth individuals and prominent families, many of whom bring complex wealth management challenges and multigenerational planning needs. For more information, please visit www.beirnewealth.com or give us a call today at 888-231-6372.

*Registration does not imply a level of skill or training.

© 2020 Beirne Wealth Consulting Services, LLC (BWC). All rights reserved. Reproduction or Use without permission is prohibited.