Millions of Americans will fall off an 'income cliff' when extra $600 in unemployment benefits ends next month Tens of millions of Americans who lost their jobs because of the coronavirus pandemic have been able to collect an extra $600 in weekly federal unemployment benefits over the past few months on top of the standard amount given by their state. For many households, the enhanced benefits have been a financial lifeline amidst record job loss and a burgeoning recession. But on July 31, that enhanced benefit will end — and that could have dire consequences for millions of households. Coupled with other coronavirus relief measures, the extra $600 in enhanced benefits has helped many Americans stay afloat — and even save more than usual — throughout the pandemic, with some economists calling it the “best” part of the economic response to the coronavirus. The $600 increase has been “one of the most effective parts of the CARES Act on both humanitarian and economic grounds,” writes Heidi Shierholz, an economist at the Economic Policy Institute, a left-leaning think tank.  https://www.cnbc.com/2020/06/23/millions-face-income-cliff-next-month-when-extra-600-dollars-in-ui-ends.html