Ask Terry Questions Unemployment Issue from my own small business

Unemployment Issue from my own small business

By Terry Savage on July 13, 2020 | Wild Card

Thank you!
I have a small consulting firm – I am the only employee other than when I hire for projects. On 6/15 I Iost a $2350 a client leaving my firm with only two retainer clients that pay $500 a month…that money goes to the business and not to me as you so well know.
Tried to file for unemployment compensation…but there is one question – what was your last day with your employer – I am still working…marketing, etc. There is also a drop down box that says still working part time…I suppose I could put 6/15 down as my last day but it seems disingenuous. If I cannot even get denied I cannot file for the Covid relief…and I got no PPP – that is a story in itself…
Any suggestions…I would be deeply grateful…

Terry Says

First, there is still PPP money available. Check at Wintrust, which is making a big push before the new deadline. Not sure why your business didn’t qualify, but 75% of the money can be used for salaries — including yours — and the balance for rent. Maybe a different counselor will figure out that your small business qualifies.

Second, when was the last time you paid YOURSELF? If you have had a substantial drop in earnings, then you might qualify for traditional unemployment. So it’s worth filing. But you had to have paid IN to FUTA (the state unemployment fund) along the way to qualify. So maybe not. But then you can go back and apply for PUA — the self-employment benefit. But it’s important to establish the start date of your lowered income. And you’ll need to document last year’s earnings vs the decline this year.

Now that the IDES has established a “call-back” policy, maybe you’ll get more specific help from them.



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