The Federal Coronavirus Aid, Relief, and Economic Security Act will provide benefits for the self-employed. From what we understand, local financial institutions will administer this program. The NAR put this brief summary out yesterday.
Unemployment Benefits for Self-Employed
•Self-employed individuals, independent contractors, and other individuals who are unable to work as a direct result of COVID-19 public health emergency, and would not qualify for regular unemployment benefits under state law may be eligible to receive “Pandemic Unemployment Assistance.” This excludes individuals who have an ability to telework with pay or individuals who are receiving sick leave or other paid leave benefits.
•The unemployment assistance is available to individuals who are unemployed, partially unemployed, or unable to work for the weeks impacted as a result of COVID-19 between Jan. 27- Dec. 31, 2020.
•These benefits will be administered by the states, in accordance with this new Federal law.
•There is a maximum of 39 weeks of assistance, where the amount is equal to what is authorized under the state unemployment compensation law, plus an additional $600 per week for up to four months.
We don’t have all the answers yet, but this is what we know right now. Stay tuned for more info from the Salt Lake Board of Realtors® and the Utah Association of Realtors®, who will be getting updated information to you as soon as possible.