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Eligible for anything under CARES as 1099 doc with reduced (but not 0) income

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  • Eligible for anything under CARES as 1099 doc with reduced (but not 0) income

    As most docs out there, COVID has drastically impacted my income. Limited to telemedicine only, I will likely only make 5% (tops 10%) of what I was making previously for at least the next month. I am not a practice owner, don't have payroll, etc... I plan on reading into the CARES act a little more in depth but is there anything in there I am eligible for? Income last year too high for government check and I don't need a practice loan since no employees. Can you still apply for unemployment/assistance with reduced income or does that only apply if it's zero income. Also wasn't sure if anything is different for a solo proprietor 1099 doc as there is a lot to process out there. I've already delayed 2019 and 2020 Q1 tax payments.

    Thanks.

  • #2
    in Jersey, you can apply for unemployment if you suffered a "significant" decrease in work & income.

    Look at the EIDL covid19 $10,000 "grant".

    Self employed & independent contractors (basically no employee businesses) can apply for the PPP starting April 10. Whether there will be any money left is to be seen.

    I am aiming to apply for all 3.
    "Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓

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    • #3
      You do not qualify for unemployment unless you have paid into the system. Sole proprietors do qualify as employees, though. Not enough time to post more now, will try to do so later.
      Financial planning, investment management and CPA services for medical and high-income professionals | 270-247-6087

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      • #4
        I definitely yield to jfoxcpacfp , but this is one of many articles that makes me thing even I'm eligible for unemployment benefits.

        https://www.cnbc.com/2020/04/01/unem...on-delays.html

        Granted I don't know which states qualify you if you are still working, just significantly reduced.
        "Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓

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        • #5
          Originally posted by Cubicle View Post
          I definitely yield to jfoxcpacfp , but this is one of many articles that makes me thing even I'm eligible for unemployment benefits.

          https://www.cnbc.com/2020/04/01/unem...on-delays.html

          Granted I don't know which states qualify you if you are still working, just significantly reduced.
          Hey, I’ve never walked on water and am always open to new information! However, I wouldn’t hold my breath. I think the much more viable opportunity is the EIDL and PPP benefits. One thing I am sure about is that you will not qualify for EIDL/PPP and unemployment. I really believe this was rolled out too fast for all of the permutations to be taken into account.

          I just posted this link on another thread. It has great info from the SBA on bene’s for 1099 workers and I believe will apply to many forum readers.
          Financial planning, investment management and CPA services for medical and high-income professionals | 270-247-6087

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