The CARES Act was signed into law by President Trump on March 27, 2020. Although Veritext does not provide legal or financial advice, we share the below with you for informational purposes.
- The CARES Act allows independent contractors to apply for unemployment benefits
- The amount you are eligible to receive will be determined by the net income reported on your most recently filed tax return and the benefit amount will vary by state
- You are still eligible for benefits even if you accept assignments under the reduction in hours portion of the bill. The income you receive from such assignments will just be deducted from your unemployment benefits for that week.
While assistance and forms will vary state-by-state, when completing your application remember that:
- You should check the box that says “self-employed” or “independent contractor”
- Veritext is not your employer; you are an independent contractor
- Your home address is the address for your place of business, not your local Veritext office
While not much has been written about this provision of the new law you can find more information via the link below. Please remember that you must check with your state’s website for unemployment insurance: