What the big rescue plan means to the jobless
It’s official. The President has signed the stimulus plan into law. So at $787 billion, what’s in it for me — the unemployed?
We weren’t left out:
Unemployment benefits get a tax break: Yes, unemployment benefits are taxable, which is why you have the option to have federal tax withheld. However, the package excludes the first $2,400 in unemployment benefits from taxes in 2009.
Help on health insurance: If you lost your job and elected to take COBRA — which lets laid-off workers continue with their former employer’s coverage for up to 18 months — the government will subsidize 65% of COBRA premiums for up to nine months. The subsidy is limited to workers who were laid off from Sept. 1, 2008, to Dec. 31, 2009.
Now — if only the President could find me a full-time job ….
More on the rescue plan:
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