Federal Unemployment Benefits and COVID-19
Per the new COVID-19 Legislation, federal unemployment benefits have changed. Is your business up to speed? L4SB is here to help.
Federal Unemployment Benefits
The COVID-19 relief stimulus package, otherwise known as the Coronavirus Aid, Relief and Economic Security (CARES) Act, will offer additional unemployment insurance provisions to include the following:
- an additional $600 payment per week to recipients for up to four months
- benefits will also be available to individuals who would not normally be covered by unemployment insurance, such as those who are self-employed, independent contractors and those with a limited work history
- an additional 13 weeks of federally funded unemployment insurance benefits, through December 31, 2020
- employers may be eligible for a 50% refundable payroll tax credit on wages paid up to $10,000 during the crisis
More information on the CARES Act can be found here.
Law 4 Small Business is your trusted partner in all things legal. As this situation continues to unfold, check our blog for more updates on federal legislation and how to help your business survive coronavirus.
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