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Self-Employed and Independent Contractors Now Qualify for Unemployment Benefits

Article Highlights:

  • Unemployment Compensation Expansion 
  • Qualifications 
  • Limitations 
  • Benefits 
  • Duration of Benefits 
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27th by President Trump, includes an unemployment assistance program for individuals who under normal circumstances would not qualify for unemployment benefits, which traditionally have only applied to employees. Under the CARES Act, unemployment benefits are now available for self-employed individuals, independent contractors and others – even some with limited work history – who are unable to work because of the coronavirus emergency.

Qualifications: To qualify for these expanded unemployment benefits, an individual will have to self-certify that they were available to work but unable to for any of the following reasons:
  • Has been diagnosed with COVID-19 or are experiencing symptoms of COVID-19 and is seeking medical diagnosis; 

  • A member of the individual’s household has been diagnosed with COVID-19; 

  • The individual is providing care for a family member or member of their household who has been diagnosed with COVID-19; 

  • The individual is the primary caregiver for a child or other person in the household who is unable to attend school or another facility as a direct result of COVID-19; 

  • The individual is unable to work because of a COVID-19 imposed quarantine. 

  • The individual is unable to work as the result of being advised to self-quarantine by a health care provider; 

  • The individual was scheduled to start a job, but was unable to do so as a result of the COVID-19 health emergency; 

  • The individual has become a major supporter of a household as the result of the death of the head of household who has died as a direct result of COVID-19; 

  • The individual quit their job as a direct result of COVID-19; or 

  • The individual’s place of employment is closed as a direct result of COVID-19.
Additional eligibility qualifications may be added by the Secretary of Labor.

Individuals who are able to work from home with compensation or are receiving paid sick leave or other paid leave benefits do not qualify.

Benefits paid under this provision will include the amount allowed under state law plus $600 per week for a period of up to four months. The benefit period is extended to 39 weeks (normally 26 weeks in most states). The usual one-week waiting period before receiving benefits is waived. These special benefits only apply beginning on January 27, 2020 and ending on December 31, 2020.

These benefits are paid through state employment departments. To apply, Source code contact the agency in your state. If this office can be of assistance, please call.

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Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)

Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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