Tag: unemployment

Temporary Unemployment Relief Scheme concluded **********************************************      The Government has completed the processing of all applications under the Temporary Unemployment Relief Scheme (the Scheme). Among the 470 000 applications received, up to 350 000 applicants have been granted the subsidies, which far exceed the original estimate of 300 000 beneficiaries. Total subsidies granted amount to $3.5 billion.        The Government last issued a press release about the Scheme on June 24 to remind applicants to submit requests for review on or before July 8. Of the 30 690 requests received by the deadline, some 27 500 applications were granted subsidies after ... Read more

Temporary Unemployment Relief Scheme meets with overwhelming response on first application day (with photo) ******************************************************************************************      A Government spokesman said today (March 23) that the Temporary Unemployment Relief Scheme (TUR) started off with an overwhelming response on its first day of the three-week application period.        “The online application portal was launched at 8am today and has been operating smoothly throughout the day. Up to 6pm today, we have received a total of over 65 800 applications,” the Government spokesman said.                The TUR aims to provide assistance for people who have lost their jobs due to ... Read more

According to Michael Gray, CPA, “Sometimes Congress passes legislation that’s retroactive. This change relates to millions of taxpayers who received unemployment compensation during 2020 and who are dutifully submitting their federal income tax returns. They should wait this year until a new exclusion can be processed.” While many are excited to receive another federal government stimulus check, those who received unemployment compensation during 2020 should be aware of a tax break in the American Rescue Plan Act of 2021, COVID-19 relief legislation passed in Congress on March 10. If a taxpayer (same threshold for a single or joint return) has ... Read more