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Serious employment question

Discussion in 'Business Management' started by Notarealsignguy, Mar 26, 2020.

  1. Notarealsignguy

    Notarealsignguy Active Member

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    All kidding aside. If you are a paid employee in your own company and you have to cut off your paychecks, can you file unemployment? You do pay for unemployment on your own payroll. Not sure if it matters but LLC or S corp structure.
     
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  2. James Burke

    James Burke Being a grandpa is more fun than working

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    I'm pretty sure that it's: Negatory
     
  3. MikePro

    MikePro Major Contributor

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    negatory. family members that are on the payroll, are considered "owners" as well and not subject to unemployment benefits.
     
  4. The Yanki & The Brit

    The Yanki & The Brit The Yanki & The Brit Signs and Radio Show

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    Your attorney, or accountant would be the one to ask. Your Tax Preparer!
     
    • Agree Agree x 2
  5. Marie

    Marie Member

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    Here is what I read about the CARES act that Congress is currently trying to get passed: Expanded unemployment insurance (UI) for workers, including a $600 per week increase in benefits for up to four months and federal funding of UI benefits provided to those not usually eligible for UI, such as the self-employed, independent contractors, and those with limited work history.

    So if nothing changes to the components of the act, I think that self-employed individuals can file for unemployment.
     
  6. JBurton

    JBurton Signtologist

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    I think the better route is to get the magic loan from the gov., do not terminate anybody, and as long as you have on average the same number of workers that the pandemic started with, you'll only owe the interest due on the loan...
    My question is, if I were already considering an equipment purchase, could I get a loan for payroll + equipment, then once the pandemic is over, and my payroll is forgiven, continue to utilize the lower apr for my equipment?
     
  7. Reveal1

    Reveal1 Member

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    Here is the 880 page bill in all it's glory: https://www.documentcloud.org/documents/6819239-FINAL-FINAL-CARES-ACT.html

    Guessing LLC member or sole proprietor can only file for the Fed portion, if at all. Here in MO we don't pay into fund so can't file for State unemployment.

    Agree partially w/ JBurton but I don't believe you can use proceeds for anything other than payroll, mortgage, rent, utilities and interest on previous loans - see page 20. Glad I'm not a lawyer and best to check with bank making the loan which I intend to do in a few days.
     
  8. JBurton

    JBurton Signtologist

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    Shoot, but good to know.
     
  9. Reveal1

    Reveal1 Member

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    Reminded me of my grandad's favorite saying 'shoot fire and save matches'.
     
  10. Zendavor Signs

    Zendavor Signs Member

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    Filing unemployment as the owner is very sketchy. Are you really not doing ANYTHING for the business - not answering phones, returning emails, opening mail, etc. Even coming on here and asking questions is doing something for your business.
     
  11. MikePro

    MikePro Major Contributor

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    seems like the most fiscally responsible way to make it through this month-plus, is hope you're part of the mass layoffs and burden the state&insurance companies for money? ...especially if you're receiving a $2k/month bonus to not work. hot damn, sign me up!
     
    • Hilarious! Hilarious! x 1
  12. Notarealsignguy

    Notarealsignguy Active Member

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    So it is a loan that you don't have to pay back, isn't that more of a grant? I don't want to borrow money and be saddled with debt in 4 months with no revenue to show for it. If it is forgiven than I obviously don't want to ignore free money either. Especially if I can hold onto my employees.
     
  13. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

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    That's what the loan is supposed to be for. Keeping and paying your employees. As long as you retain them, the loans are supposed to be forgiven
     
  14. dypinc

    dypinc Very Active Member

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    Anyone know where to get more details on this?
     
  15. fresh

    fresh Very Active Member

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    my company is an s-corp and I get a pay check. I filed for unemployment, answered all the questions truthfully, and they even called me to ask what my relationship to the business is (also answered their questions truthfully.) I was approved. My partner was approved as well. We're not making any money right now.

    This is in NJ.
     
    • Like Like x 1
  16. fresh

    fresh Very Active Member

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    but you're not getting paid if there is no money or jobs coming in. you could say doing those things are "looking for work." because that is exactly what it is. People aren't responding to emails for the fun of it.
     
  17. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

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    Apparently you go to a local bank and they make the loan on behalf of the government... but not till the bill passes.

    CNBC and Wall Street Journal should be your daily reads especially during this time... WSJ has articles that are 10 times more detailed than what you'd see on C N N or Fox News.

    https://www.cnbc.com/2020/03/26/chr...usiness-loans-in-coronavirus-relief-bill.html


    (I can't even give you a link to the article on WSJ because in the URL has the word "T R U M P" and the genius that runs this place has a scrip that changes the word to add 2020 to it....thus making the link invalid)
     
  18. fresh

    fresh Very Active Member

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    what the actual F U C K? you've got to be kidding me.
     
  19. Notarealsignguy

    Notarealsignguy Active Member

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    with my luck, ill get the coronavirus at the bank while trying to get the loan
     
    • Like Like x 1
  20. Christian @ 2CT Media

    Christian @ 2CT Media Major Contributor

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    It depends on your state and how you are classified and what their individual relief is. In AZ they have support for small businesses that have lost more than 80% of their revenue.
     
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