12 million Americans are set to lose their unemployment benefits the day after Christmas.
Dec. 26 marks the ending of the Pandemic Unemployment Assistance program, according to the Century Foundation.
"Ever since the $600 per week PUC benefit expired at the end of July, the debate in Congress and attention among the media mostly focused on the value of this benefit rather than the expirations of other unemployment benefits. Under the terms of the CARES Act, both PEUC and full federal funding for EB benefits will expire on December 26, 2020," the study states.
Jim Cramer discusses the impact this would have on the economy.
Latest Videos From TheStreet and Jim Cramer:
- Coronavirus: The Latest Numbers on the COVID-19 Pandemic
- Jim Cramer Gives Investors Two Unique Stock Pick Ideas
- Will a Split Congress Lead to Major Market Gains in 2021?
- Biggest Shopping Days of the Year in the U.S.