The U.S. Congress is considering legislation to extend eligibility for unemployment insurance benefits and subsidized COBRA through December 31, 2010; the same legislation also closes tax loopholes for wealthy investment fund managers and foreign operations of multi-national companies.

Currently, employees who are involuntarily terminated through May 31 may be eligible for subsidized healthcare coverage through COBRA; the proposal extends the coverage for involuntary terminations through December 31, 2010. In addition to extending the UI and COBRA subsidy benefits, the American Jobs and Closing Tax Loopholes Act of 2010 provides for tax relief to businesses and State and local governments to help them invest and create jobs and restores the flow of credit to enable small businesses to expand and hire new workers by extending small business loan programs.