Gov. Beshear announced last August that the state applied for FEMA’s Lost Wages Program.
The Lost Wages Program meant more money to help the rising number of unemployed Kentuckians. The application was approved and by mid-September, the additional $400 per week short-term unemployment benefit has started. Most claimants have provided self-certifications and those who haven’t completed the process yet are notified by the Office of Unemployment Insurance.
Aside from the extra $400, the state is also giving an additional $100 using the CARES Act fund. The entirety of the state’s fund amounted to $8 million a week, just enough funds for the extra money for a three-week grant period. Gov. Beshear added that the extra fund is available to all programs including the traditional UI, the Pandemic Unemployment Assistance program, and the extended benefits program. Both the Office of Unemployment and The Kentucky Labor Cabinet said that they are working to resolve all the claims and will not stop until everyone who is qualified gets their benefit.
Unemployment insurance update
Amy Cubbage, Kentucky’s Labor Cabinet general counsel gave an update on unemployment insurance early this week. The pandemic hit last March and since then, thousands of Kentuckians have lost their jobs. Based on the stats, over 100,000 workers submitted jobless claims since June and the number is increasing.
Cubbage shared the following updates in her briefing in Frankfort:
- Those who voluntarily quit their jobs and haven’t gotten any sufficient funds for the last 18 months are not eligible for the insurance.
- About 80% of the claimants have been given the extra fund
- At this time, the state of Kentucky has paid out $4.1 billion for unemployment insurance
- The state has received over 2.1 million filed claims and about 77,000 of these remain unresolved. Many of these are disputed claims, which take more time.
Preventing financial loss when losing a job
Many were caught by surprise with the impact of the pandemic. Thousands of Kentuckians didn’t have savings they could fall back on. This is when job loss insurance would have proven helpful. Job loss insurance is coverage for full-time workers to provide them with temporary income in the event of getting laid off. It also covers business closing and job elimination.
This supplemental unemployment insurance is a good shield against financial loss in case of situations such as this pandemic. Like any other insurance policy, one must consider his/her capabilities and needs before getting it. It is important to weigh the options before considering a plan.
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