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Unemployment benefits for furlough

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  • #46
    Originally posted by Hawkeye225 View Post
    For anyone thinking about filing for unemployment, my understanding is that in general independent contractors are not eligible (could vary state wise).
    The CARES Act has loosened some of the restrictions that previously would have prevented part time employees and independent contractors from receiving unemployment benefits.

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    • #47
      Originally posted by VagabondMD View Post

      The CARES Act has loosened some of the restrictions that previously would have prevented part time employees and independent contractors from receiving unemployment benefits.
      Yep, you all are correct. In fact, my group is looking into this it turns out.

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      • #48
        Just an update...
        I did file for unemployment benefits in my home state via the website.
        I was provisionally approved immediately.
        There were a couple of inquiries and notifications over the past couple weeks.
        I am required to claim my benefit weekly, online, and I am doing this on Sundays.

        I have not worked a shift since March 18. I was supposed to work the week of March 23, but this week was canceled by my CO employer, beginning my furlough period. I have been notified by both employers that I will be off the schedule at least through the month of May.

        I received my first benefit deposit in my checking account today, for the previous two weeks (March 30 and April 6), state maximum benefit ($320/week) plus CARES Act $600/week Federal contribution, minus a 10% deduction toward Federal income tax. The entire amount is taxable, so additional money will be set aside for future estimated tax payments.

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        • #49
          Originally posted by CordMcNally View Post

          The CARES Act changes some of this: https://independentcontractorcomplia...ilable-to-ics/
          Yes, we have some IC clients who are getting unemployment. I must admit, it was a surprise to me, too, but Laura explained, as you did, that they have loosened the restrictions. Seems crazy to me, since they haven’t paid in, but it is needed and I feel sure the fed will even up with the states, somehow, so the payments are credited back to the employer SUI reserves.
          Financial planning, investment management and CPA services for medical and high-income professionals | 270-247-6087

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