Good News: Obama Signs Continuing Extension Act of 2010. See how it affects your unemployment and healthcare

Late
on Thursday, April 15^th, President Obama signed H.R. 4851, the Continuing Extension Act of
2010.  Final passage in the House (289-112) and Senate (59-38)
guaranteed several extensions to government programs, including Consolidated
Omnibus Budget Reconciliation Act (COBRA) health care insurance benefits and emergency unemployment
benefits.

The
bill provides:

1. An
   extension on the period that individuals may file applications for Federal
   Emergency Unemployment Compensation (EUC) from April 5, 2010 to June 2,
   2010, and the period which individuals may claim and be paid EUC from
   September 4, 2010 to November 6, 2010.


2. An
   extension on the period that individuals may qualify for the Federal
   Additional Compensation (FAC), (the extra $25 per weekly benefit amount on
   state and federal unemployment compensation) will be extended for the same
   weeks as the EUC extension.


3. An
   extension of the period that the federal government will provide 100% reimbursement
   for weeks of regular federal extended benefit payments from April 5, 2010
   to June 2, 2010, with the state option to continue the benefit extension
   period from September 4, 2010 to November 6, 2010.


4. An extension
   on the eligibility for the COBRA health insurance 65% subsidy for people
   who have lost their jobs through May 31, 2010.  The bill also
   provides transition relief for individuals who lost their jobs between
   March 31, 2010, and the date of enactment.

EUC
and FAC payments will be paid for from general revenue, and regular employment benefits
will be draw from the Federal Emergency Unemployment Compensation Account that
is funded with FUTA taxes paid by employers.

At
this time, it is unclear if Congress will consider a longer extension of unemployment
and COBRA benefits.  The current legislative proposal, H.R.
4213, would extend benefits through the end of 2010.