CARES Act $600 Supplemental+Regular UI Provides $1,024 Monthly for Oregon Housing Expenses, But WIll Drop by 63% In One Month Unless $600 Supplement is Extended.

In my prior post HERE I pointed out that the $600 unemployment supplement program (FPUC) provided 56% of all unemployment benefits paid in Oregon for the week June 12-June 19. 

To see how much the $600 supplemental benefit + the regular insurance benefit together provide for housing expenses, I dug out the average weekly benefit for Oregon regular unemployment insurance for May. That was $360. 

So in combination a recipient of regular unemployment insurance in Oregon at the average weekly benefit amount plus the $600 supplemental would have received a weekly total of $960.  

After deducting an assumed combined federal and Oregon income tax rate of 16%, the net combined average regular unemployment insurance+ $600 supplemental benefit would have been $806 weekly and $3,494 MONTHLY.

The table below shows that math and also adds calculations that show much is available for housing expense, using 30% of net income after taxes.  

Bottom Line: Loss of $600 UI Supplemental Would Reduce Amount Available for Housing Expenses By 63%, From $1,048 to $393.
On a MONTHLY basis in May the average regular unemployment insurance and $600 bonus would have provided $1,048 for housing expenses after taxes. ($242 weekly).

IF the $600 bonus goes away on July 25 as scheduled the Oregon MONTHLY amount available for housing expense after taxes would drop to $393, a decline of 63%.

Originally created and posted on the Oregon Housing Blog,