President Obama signed the Economic Recovery Act yesterday (February 17, 2009). The 1,073-page bill allocates nearly $800 billion in loans, grants, tax cuts and credits to weather the recession, jump start the economy, and lay a foundation for future growth. EANJ is studying the bill closely, but employers will be interested immediately in the following:
- $25 billion to provide a 65% subsidy for laid off workers’ COBRA payments
- $27 billion to extend unemployment benefits to 33 weeks
- $8.8 billion to increase weekly unemployment benefit by $25
- $1.25 billion to assist dislocated workers
- $457 million to subsidize health care for laid off workers because of outsourcing abroad
- $400 million to replenish state unemployment accounts
- $500 million to the states for adult employment and training programs
- $1 billion for child support enforcement
- $80 million dollars to the U.S. Department of Labor for labor law enforcement
EANJ will be advising its members, as more information becomes available.