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Extra $600 unemployment benefit likely to expire before the next stimulus bill passes

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House Speaker Nancy Pelosi said Tuesday she hopes both parties can come to an agreement by the end of next week for the next stimulus bill. House Minority Leader Kevin McCarthy shared that sentiment Tuesday, but added he doesn’t see it passing Congress until August.

If Congress can’t pass a stimulus bill this week, it means the 17.3 million Americans currently receiving unemployment benefits are likely to see their $600 per week federal unemployment benefits lapse.

The CARES Act, which passed in March, set aside an additional $600 per week in unemployment insurance for jobless Americans on top of their state benefits. However that money only goes through the week ending Saturday, July 25. If Congress waits until August to pass an extension, those unemployed Americans could go a few weeks without that federal Pandemic Unemployment Assistance.

These Americans will still receive their state unemployment benefits, but in most states that only replaces a fraction of income. In New York State, for example, the maximum weekly benefit is $504.

Why isn’t Congress acting sooner? Republicans and Democratic leaders have both expressed an openness to some extension of the weekly federal unemployment bonus. But they have big disagreements on other areas of spending that are holding up the bill.

House Democrats would like to see the next stimulus bill provide more than $1 trillion to state and local governments to help offset their massive revenue losses. Senate Majority Leader Mitch McConnell has seemed resistant to the idea, calling it a “blue state bailout.”

Meanwhile, McConnell reiterated his goal this week of including immunity for businesses and organizations from coronavirus related lawsuits. That’s something Democrats have seemed less open to, arguing it could harm workers. On Tuesday McConnell went as far to say he wouldn’t put a bill on the Senate floor that didn’t have legal protections for businesses.

One bright spot: If Congress does pass another stimulus bill with an extension of the weekly unemployment bonus in some form, they could make it retroactive, giving unemployed Americans backpay for the lapsed period.

More must-read finance coverage from Fortune:

Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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Cramer Says This EV Startup Has The ‘Best Claim To Be The Son Of Tesla,’ Gives Blessing To Buy SPAC Stock

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Designing better businesses for a post-COVID world

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Good morning.

The collision of COVID and a business technology revolution has given new urgency to the role of design in business. Companies are reinventing themselves, out of necessity and opportunity. And the process of reinvention requires a kind of creativity that isn’t often taught in business school.

That’s why Fortune created Brainstorm Design. We are working over the next year in partnership with Salesforce and IBM to focus on how to use design principles to design better businesses in a post-COVID world. We’ll be holding the first in a series of intimate conversations next Tuesday, with PepsiCo’s chief design officer, Mauro Porcini, and chief commercial officer, Ram Krishnan. The two will lead a discussion on how design thinking can best be used to create business value. Also on hand: Deanna Van Buren, co-founder and executive director of Designing Justice + Designing Spaces, about design’s role in building healthy communities.

Brainstorm Design is by invitation only, intended for those working on major design challenges within business. We still have a few spaces open. If interested, let me know, or go here for more.

And since it is Friday, some feedback. Our annual Businessperson of the Year list attracted a lot of interest. A sampling:

“Congratulations on a HUGE week! Elon (Musk) and Lisa (Su) #1 & #2 are bold choices, provocative even. Makes Fortune what it is always, #leader.”
—BW

“I don’t understand the left and journos constant obsession with what characterizes leadership. Patton was a prick, MacArthur was an alcoholic, JFK and Bill Clinton were womanizers, Jobs was caustic, Obama was and still is…condescending …I could go on for hours.
—KZ

“You captured the zeitgeist of Elon perfectly. I feel the same way. he is at turns inspirational and offensive, admirable and frustrating.  I’ll hold out hope that someday in the third act of his career that he finds more equanimity and perspective in terms of how he treats other people and himself.
—SF

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Alan Murray
@alansmurray

alan.murray@fortune.com

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