alamedastrip's profile picture
alamedastrip
1. Unemployment Compensation Benefits Are Now Available to Freelancers and Independent Contractors
Unemployment compensation benefits were usually reserved only for employees who were laid off from their job. Under the CARES Act, independent contractors and freelancers are now eligible to receive unemployment benefits as well. The CARES Act even increases the amount of benefits by $600 a week.
To claim the unemployment benefits, freelancers and contractors should log on to their state’s unemployment websites and apply as soon as possible for benefits. For example, the California site is at
www.edd.ca.gov/Unemployment/Filing_a_Claim.htm.
Unfortunately, the unemployment compensation websites are still being updated to take the new law into account, and the instructions will be confusing for independent contractors. In addition, the sites are being inundated with applications. Phone calls are going unanswered due to sheer volume. The best thing to do at the moment is to file online as best you can and hope that the state follows up with any questions.
The amount of unemployment benefits will depend on what state you are in and what your income has been as an independent contractor. The benefits typically are 20% to 50% of what you previously earned, together with the extra $600 per week provided by the CARES Act.
Many states provide for 26 weeks of benefits. The CARES Act provides eligible employees and freelancers with an additional 13 weeks.
2. $1,200 Payment from the IRS
Independent workers and freelancers are entitled to receive a $1,200 payment ($2,400 for married couples) from the IRS, plus an additional $500 per dependent 16 years or younger. In order to qualify for the full amount, you have to have earned $75,000 or less in the prior year ($150,000 or less if married). Above those income thresholds, the stimulus payment decreases until it stops altogether for single people earning $99,000 or married couples who have no children and earn $198,000. If you haven’t prepared your 2019 tax return, you can use your 2018 return to see if the income threshold is met.
#coronavirus #covid_19 #covid
__________________________________________________ ____________________________________________
Can anyone confirm this? Honestly doesnt sound too bad...unemployment $ + an extra $600 a week