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Old 04-03-2020, 09:20 PM   #21
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It looks like, in theory, I could get $424/wk plus the $600.

But I can't see how they are going to categorize an owner who doesn't take regular draws or a paycheck.

What numbers are they going to base the benefits on? It's all very confusing.

It's tempting to just ignore it altogether if you don't need it, but I'm suspicious that I'll end up paying for it anyway, so why not?

Much uncertainty about these programs.
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Old 04-03-2020, 09:28 PM   #22
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That is what has eating up my mental time since we were shut down. MI was early for the shut downs too so I feel like I have less time to make a decision since we are already 2 weeks into a shut down. The uncertainty of how long this will last makes it really hard to plan.
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Old 04-03-2020, 09:51 PM   #23
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PA's cap is $575/week UC...mid 350s is low. I really wouldn't want to be laid off in MI w/o the fed money!

Good question on how they determine self employeed UC on the state level, as this is a first for all states . I'm assuming it's somehow based on previous
income. Then just add the $600 fed money.

In PA many will be making $1175/week, doing nothing. Might take a while getting signed up. I hear that is a real mess. If they don't starve before getting signed up, many will not be in a hurry to get back to work.

And there is still talk of a national federally mandated shutdown, if things don't improve.

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Old 04-03-2020, 10:03 PM   #24
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I can even begin to imagine the fallout of all this. The cost is unheard of.
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Old 04-03-2020, 10:21 PM   #25
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It is a huge mess, no doubt about it.

On a positive note, I loaded up my kayak and went fishing today. Many folks were fishing, but they kept apart from what I could see.

I did catch a trout, so I was pleased enough to cook it up for dinner tonight.

I don't think all hope is lost, but it's touch and go, for sure.
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Old 04-04-2020, 12:13 AM   #26
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Quote:
Originally Posted by ParamountPaint View Post
It is a huge mess, no doubt about it.

On a positive note, I loaded up my kayak and went fishing today. Many folks were fishing, but they kept apart from what I could see.

I did catch a trout, so I was pleased enough to cook it up for dinner tonight.

I don't think all hope is lost, but it's touch and go, for sure.

Keep fishing and freeze what you can...
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Old 04-04-2020, 10:15 AM   #27
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I tried in Tennessee. It is not updated for self employed and you will definitely not hear back from anyone. They went from about 2700 claims to over 100k now in a matter of 2 weeks.
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Old 04-04-2020, 02:13 PM   #28
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I filed for UI two weeks ago in CA, even though I didn't think it would work for me, self-empolyed contractor. That was just to sign up, not file a claim, I am still waiting for the code to create a claim, supposed to come by mail.
Seems to me, my three guys who were laid off two weeks ago too, we also didn't work the week before because of rain will not want to return to work, as they will get over $1100/week no taxes. That is way more than they were making with me. They can get that for six months minumum.
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Old 04-04-2020, 08:57 PM   #29
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Quote:
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I filed for UI two weeks ago in CA, even though I didn't think it would work for me, self-empolyed contractor. That was just to sign up, not file a claim, I am still waiting for the code to create a claim, supposed to come by mail.
Seems to me, my three guys who were laid off two weeks ago too, we also didn't work the week before because of rain will not want to return to work, as they will get over $1100/week no taxes. That is way more than they were making with me. They can get that for six months minumum.
I think they still have to pay taxes??? Normal UC is subject to Federal tax.

The $1,200 check is tax free, I did not hear anything about the UC benefit being tax free...I assumed it wasn't, maybe it is.
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Old 04-04-2020, 09:19 PM   #30
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I don't think UC is tax free. Some states offer to take 10% out for taxes, PA is one of them but most don't.

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Old 04-04-2020, 11:53 PM   #31
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I wonder how much unemployment premiums are going to be when this is over.
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Old 04-05-2020, 09:34 PM   #32
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Quote:
Originally Posted by Lightningboy65 View Post
I think they still have to pay taxes??? Normal UC is subject to Federal tax.

The $1,200 check is tax free, I did not hear anything about the UC benefit being tax free...I assumed it wasn't, maybe it is.

I actually just got my notice in the mail. It's a questionaire, like who I worked for in the past two weeks, and jobs I've applied for. I'm going to fill it out, but I think there is supposed to be something more from the Cares Act for self-employed people now.


Also, UI is not tax free, they can take out taxes if you wish but it must be claimed as income. The money being sent out from the Cares Act will be tax free.
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Old 04-06-2020, 08:17 AM   #33
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Quote:
Originally Posted by MikeCalifornia View Post
I actually just got my notice in the mail. It's a questionaire, like who I worked for in the past two weeks, and jobs I've applied for. I'm going to fill it out, but I think there is supposed to be something more from the Cares Act for self-employed people now.


Also, UI is not tax free, they can take out taxes if you wish but it must be claimed as income. The money being sent out from the Cares Act will be tax free.
What you should probably be looking for is Pandemic Unemployment Assistance under the Cares Act. The applications werenít yet available as of 4/2. PUA Will mirror the Federal Disaster Unemployment Assistance program for self employeds. Iíve attached a link to a news release by CAís EDD. Line #3 should explain where theyíre at with it.


https://www.edd.ca.gov/About_EDD/pdf/news-20-09.pdf
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Old 04-06-2020, 03:33 PM   #34
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I can even begin to imagine the fallout of all this. The cost is unheard of.
No worries mate, the Federal Reserve has plenty of paper and ink stockpiled, they'll just fire up the presses and print away.
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Old 04-06-2020, 03:35 PM   #35
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Quote:
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I wonder how much unemployment premiums are going to be when this is over.
Ding, ding, ding, ding, ding, ding, ding, ding, ding.
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Old 04-06-2020, 03:37 PM   #36
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Quote:
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I don't think UC is tax free. Some states offer to take 10% out for taxes, PA is one of them but most don't.

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About the last thing the unemployed are worried about are the taxes, they just want the money now and will worry about the taxes later.
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Old 04-06-2020, 03:47 PM   #37
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Quote:
Originally Posted by Brushman4 View Post
About the last thing the unemployed are worried about are the taxes, they just want the money now and will worry about the taxes later.
It's all relevant, personally I'd rather have it taken out.

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Old 04-06-2020, 03:59 PM   #38
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Iíve applied for the Cares Act PPP.
Payroll Protection Program.
At least I will be able to take care of my employees for a couple months and not stress about losing them.


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Old 04-08-2020, 10:43 PM   #39
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Sounds like those who really need this money most may starve to death before they get it. A lot of the reporting on it says there are all types of snafus and hold ups.
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Old 04-09-2020, 12:43 AM   #40
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I think so too, but am hopeful still.
I was able to sign up early Friday the first day but didnít get a call until Sunday night late from the bank. Took care of the paperwork then. Called him tonight and he said itís in underwriting now so Iím hopeful it will come sooner than later. Said I was an early one
Otherwise my call to him tonight was prompted by a CNBC article I read stating there was a bottleneck at the sba. Who knows....


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