Has your employment or income been impacted by COVID-19? If so, there are new unemployment benefits that you may be able to take advantage of even if you’re self-employed, have been furloughed, or experienced a reduction in hours.
There are now 3 types of Unemployment Compensation Plans:
- State unemployment for individual employees
- Laid off or furloughed – Pennsylvania unemployment benefits have been extended to 39 weeks and compensate for up to 50% of your wages up to $572/week in PA
- If you’ve had a partial reduction in pay due to reduced work, you may qualify for partial benefits
- Pandemic Unemployment Assistance (PUA)
- Self-employed, small business owners, nonprofits and contract employees are now eligible for benefits
- The individuals can file at: https://www.uc.pa.gov/unemployment-benefits/file/pages/filing-for-pua.aspx
- Federal Pandemic Unemployment Assistance (FPUA)
- Provides an additional $600 per week for 39 weeks to all individuals receiving unemployment benefits, regardless of your state unemployment benefit amount. If you are approved for state benefits, you are automatically approved for federal benefits.
Self-employed small business owners now have several options available to them including the Paycheck Protection Payment Loan or the ability to file for unemployment. Deciding how best to utilize the benefits for your particular situation is not as simple as it may appear. To determine which plan best fits your needs, we look at many factors, such as, amount of lost income, reduction in hours worked, how your business is structured, taxes (payroll and income), recordkeeping experience, ease of filling, current debt, and availability of government funds.
We understand the reduction in income from sudden loss of employment or business revenue can be stressful. Our team of professional Wealth Managers and strategic partners are available to help assess the best option for you based on your unique circumstances and financial plan.
Disclosure: Marshall Financial Group, Inc (“Marshall Financial”) is an SEC-registered investment adviser with its principal place of business in Doylestown, Pennsylvania. This newsletter is limited to the dissemination of general information pertaining to Marshall Financial Group’s investment advisory services. Investing involves risk, including risk of loss.
This newsletter contains certain forward‐looking statements (which may be signaled by words such as “believe,” “expect” or “anticipate”) which indicate future possibilities. Due to known and unknown risks, other uncertainties and factors, actual results may differ materially from the expectations portrayed in such forward‐looking statements. As such, there is no guarantee that the views and opinions expressed in this letter will come to pass.
For additional information about Marshall Financial, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov). Please read the disclosure statement carefully.