MicrostockGroup
Microstock Photography Forum - General => General Stock Discussion => Topic started by: JetCityImage on April 01, 2020, 08:29
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Are you planning on filing for unemployment? Seems to be a lot of cash for those who qualify, but I'm not sure that 1099 workers are eligible. Has your state made any statements or have you filed? I know we don't pay into the unemployment fund, but these seem to be extraordinary times.
Thanks!
J
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Are you planning on filing for unemployment? Seems to be a lot of cash for those who qualify, but I'm not sure that 1099 workers are eligible. Has your state made any statements or have you filed? I know we don't pay into the unemployment fund, but these seem to be extraordinary times.
Thanks!
J
Don't know where you are, but around here, you only get unemployment if you pay into unemployment. It isn't a free lunch for anyone who never paid their share.
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I pay unemployment, as I'm an LLC and have payroll. However, whiles sales are down, I'm still "employed". I'm not sure how to approach this.
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“Senator Chuck Schumer explains, "The extended UI program in this agreement increases the maximum unemployment benefit by $600 per week and ensures that laid-off workers, on average, will receive their full pay for four months. It ensures that all workers are protected whether they work for businesses small, medium, or large, along with self-employed and workers in the gig economy."
https://www.thebalancecareers.com/coronavirus-sick-leave-and-unemployment-benefits-4799770 (https://www.thebalancecareers.com/coronavirus-sick-leave-and-unemployment-benefits-4799770)
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I pay unemployment, as I'm an LLC and have payroll. However, whiles sales are down, I'm still "employed". I'm not sure how to approach this.
Perfect example. Yes, as self employed my entire life, I'm never unemployed. I didn't pay myself, sole proprietor, and didn't pay in. But I took some extra work, which was seasonal, and every Fall I collected for six months, and remained self employed. I suppose it depends from state to state. Where I am, they ask me to file how much I make at my own business. I don't know what the regulations are, but they ask and get 1099 data.
Ask your state, I'm not a tax accountant. :)
I'd say, apply as temporarily reduced hours? Here's another trick in this state, you have to be both, available to work and able to work, to collect unemployment. We need to apply for four jobs a week, and have proof of that, or we can't file. Illness isn't unemployment and if I work too much for myself and can't work for someone else, then I'm not unemployed.
But back to the OP, assuming a country that requires employment and paying in, before someone becomes unemployed, there's going to be a set of requirements to be met.
“Senator Chuck Schumer explains, "The extended UI program in this agreement increases the maximum unemployment benefit by $600 per week and ensures that laid-off workers, on average, will receive their full pay for four months. It ensures that all workers are protected whether they work for businesses small, medium, or large, along with self-employed and workers in the gig economy."
https://www.thebalancecareers.com/coronavirus-sick-leave-and-unemployment-benefits-4799770 (https://www.thebalancecareers.com/coronavirus-sick-leave-and-unemployment-benefits-4799770)
Nice! As that's my second job and UC runs out next week.
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You had to be paying in to unemployment in order to collect the benefits of it. As I understand it, that comes from w2 pay deductions, 1099 earnings aren't subject to the deductions.
However if you were employed while also earning via 1099s, if your employment ended you could collect unemployment, minus what you earn via 1099. At least that's how it worked for me some years ago. I would have to fill out a web form every 2 weeks to get my unemployment check, and in that form I had to enter how much money I had earned from stock, freelancing, etc. They would deduct that amount from my unemployment pay.
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https://www.dpreview.com/forums/thread/4477007 (https://www.dpreview.com/forums/thread/4477007)
“ Self-employed workers with a limited liability company (LLC) or S corporation qualify.”
https://www.cnbc.com/2020/04/01/are-you-newly-eligible-for-unemployment-insurance-heres-what-to-know.html (https://www.cnbc.com/2020/04/01/are-you-newly-eligible-for-unemployment-insurance-heres-what-to-know.html)
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What about these small business loans that are part of the US economic aid package?
https://www.cnn.com/2020/04/01/success/small-business-sba-loans/index.html (https://www.cnn.com/2020/04/01/success/small-business-sba-loans/index.html)
From that article:
"Who is eligible to apply?
Generally, any small business with 500 or fewer employees is eligible.
That includes sole proprietorships and independent contractors. It also includes nonprofits, veterans organizations and tribal businesses.
In certain circumstances, businesses with more than 500 employees also may qualify.
Applications will be accepted up to June 30. But the program is on a first come, first serve basis."
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I've been looking into this and it's called the CARES act. I'm in NY
https://labor.ny.gov/ui/cares-act.shtm
https://labor.ny.gov/ui/faq.shtm
From what I read, it sounds like you can apply because of the CARES act if you are self-employed but I still have questions. What if you are taking in some income? I still sell some stock but cannot shoot model and families anymore.
If anyone has more info I would love to hear. Apparently you can't get through to call.
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Here is a helpful link about New York if you are self employed.
https://labor.ny.gov/ui/pdfs/self-employed-ui-guide.pdf
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This part leaves me out. I work alone.
You must show lenders proof that your company was in operation on Feb. 15, 2020 and that you had employees for whom you paid salaries and payroll taxes.
There might be more, but for now, just reading.
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Here is another SBA site that is not the Government:
https://www.sba.com/funding-a-business/government-small-business-loans/ppp/1099-independent-contractors/ (https://www.sba.com/funding-a-business/government-small-business-loans/ppp/1099-independent-contractors/)
seems it is a 1% loan based on your last year's 1099 form. It can be forgiven but it has several locks and guidelines in how it can be spent. I think they made it extremely difficult by design. You can also be prosecuted for fraud if you spend it outside of the norms they establish. So if you use it for regular living expenses that is not allowed? I believe they are expecting you to pay for office space, business expenses, and mortgage/ rent. I will wait for more info but it is not encouraging.
My income has dropped to 30% of last year which is really troubling and could be for the next 2 years. Seems to me it is a pipe dream to continue in microstock as this is imploding by the day.
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Here is another SBA site that is not the Government:
https://www.sba.com/funding-a-business/government-small-business-loans/ppp/1099-independent-contractors/ (https://www.sba.com/funding-a-business/government-small-business-loans/ppp/1099-independent-contractors/)
seems it is a 1% loan based on your last year's 1099 form. It can be forgiven but it has several locks and guidelines in how it can be spent. I think they made it extremely difficult by design. You can also be prosecuted for fraud if you spend it outside of the norms they establish. So if you use it for regular living expenses that is not allowed? I believe they are expecting you to pay for office space, business expenses, and mortgage/ rent. I will wait for more info but it is not encouraging.
My income has dropped to 30% of last year which is really troubling and could be for the next 2 years. Seems to me it is a pipe dream to continue in microstock as this is imploding by the day.
Thanks for the reminder. I just read again, don't know if I qualify, as I'm self employed and I don't issue myself a 1099? I'll be checking with the bank. But here's something, even if someone has to pay back the loan. From the page you linked to:
The interest rate is fixed at 1% and the loan term is 2 years.
Loan payments will also be deferred for six months.
No collateral or personal guarantees are required.
Neither the government nor lenders will charge small businesses any fees for the loans.
1% loan, no payments for 6 months, no collateral, No Fee! That's pretty good for any small business 2 year loan?
2.5 times the average monthly could be a new lens?
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Any updates on this topic? Pete, there are two programs one is unemployment payments and one is a loan for small businesses that retain employees. It looks like we should qualify since we can't work but has anyone been approved yet?