On July 31, the $600 federal unemployment payments going to unemployed people every week will end, and there’s no sign they’ll be replaced with anything nearly as generous. In fact, many Republicans want to replace them with nothing at all — and there’s also little sign that another round of one-time stimulus checks will get mailed out. So income for tens of millions of households is likely to nose-dive in August.
That will coincide with evictions returning after being put on hold for months. This month, about one-third of renters were unable to pay their rent in full or at all, despite all the stimulus money. A federal law that bans evictions in any properties financed by federally backed mortgages — more than a quarter of all households, according to one estimate — expires on July 25, just a week before millions of people’s main economic lifeline is pulled away. Unless they are extended, statewide orders banning all evictions in places that have been hardest hit by the unemployment crisis will also expire around then: Florida’s on July 1, California’s on July 28, and New York’s on Aug. 20.
As millions of people experience a sudden collapse of their income at the very moment their landlords are allowed to start kicking them out, other bills will also come due. Payments on millions of paused student loans will begin again at the beginning of October; the more than 4 million homeowners who received a six-month pause on their mortgage after April’s mass layoffs will need to start making payments again at the end of October.