Independent contractors and self-employed individuals are normally not eligible for unemployment compensation. However, under the CARES Act, such individuals can receive benefits under a special Pandemic Unemployment Assistance (PUA) program if they qualify.
Do you have to file separately for the Cares Act?
You don’t need to apply separately for these benefits – if you’re eligible, you will receive them through your state. What happens after I exhaust my regular state benefits? You may be eligible for additional benefits under the federal Pandemic Emergency Unemployment Compensation program, available through Dec. 31.
What do you need to know about the CARES Act?
The CARES Act refers to the legislation passed by Congress on March 27th to help owners of small and medium-sized business owners impacted by the Coronavirus. The legislation involves multiple programs and additional funding for counseling services that help small business owners navigate these programs.
Is the CARES Act applicable to independent consultants?
The CARES act should be applicable to most independent consultants, whether they are operating as an independent contractor or have set up an LLC or S-Corp under which to operate. In either case, you are considered a small business and can apply.
What does cares stand for in federal government?
CARES stands for the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act was passed by Congress to provide business owners with much needed liquidity to ensure their businesses have the cash they need to pay employees during government mandated shut downs.
Can a self employed person apply for the CARES Act?
Self-employed individuals should also explore the “Small Nonprofits” section, as they are eligible for a number of those opportunities. Each U.S. resident or citizen received up to $1,200 and an additional $500 for every child.