CARE ACT Review (Please Share, Especially With Displaced Self Employed) – “The Pandemic Unemployment Insurance!”

The following is most fitting for someone displaced who is self employed!

Examples Include: Massage Therapist, Sports Instructors, Solo Medical Practitioners 

The Care Act was signed into law on Friday, March 27, 2020 and includes a provision called The Pandemic Unemployment Benefit – specifically for The Self Employed.

The Pandemic Unemployment Benefit

BREAK IN: At the time of writing this post, the Dallas Fort Worth Area are NOT allowing enrollment to this benefit at your local office as they are directing all to the Texas Website. Not surprisingly, they are very busy and the site is even having functioning problems. 

BREAK IN UPDATE :  It appears Texas is not ready yet and they are asking you to sign up for email notification…. Those in other states, suggest you check your states Twitter Feed for similar instructions!

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A New Pandemic Unemployment Benefit available to those effected by the Corona Virus.

This benefit is additionally available to those that may not have had access before, mainly self-employed individuals. (Normally Self Employed are not eligible for ANY type of Unemployment benefit.

This new benefit is $600/week and lasts for four months or until your displacement is over, whichever occurs first.

There is also the elimination of the first week waiting period, allowing those immediate access if needed.

Individuals already receiving Unemployment benefits will begin receiving this additional benefit with no offset of their prior benefit occurring effectively making this a complete bonus benefit.

This is a Federally backstopped program that is administered by each State, so the state will issue these benefits and there will be variances among different states.

Have a Great “Pandemic Insurance Benefit” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

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