Has your job been affected? What the new unemployment rules mean for you.

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The recent CARES Act has changed the rules for unemployment insurance benefits. Now, more people than ever are eligible to receive the benefit and will receive more for a longer period.

 

Here’s what you need to know:

  • Unemployment benefits have increased by $600 a week for up to four months
  • Self-employed people, those seeking part-time employment and independent contractors are all eligible
  • In some states, workers who don’t have access to paid leave, those who are quarantined or diagnosed with coronavirus or have a household member with coronavirus are all also eligible
  • States are being encouraged to get rid of waiting provisions that stop unemployed workers receiving benefits immediately
  • The federal government will fund an additional 13 weeks of unemployment benefits through December 31, 2020 after workers have run out of state unemployment benefits

 

If you need unemployment-insurance benefits, you can do it on your state’s website or over the phone. Due to the exceptionally high demand, most states are recommending you do it online

At the same time, you may also be eligible for the Economic Impact Payment. We explain more about it here, but if your income is within the threshold you could receive a check for up to $1200  – even if you are filing for unemployment.

No one could have predicted the huge increase in unemployment over the last month. The added stress of losing your job in a time of social distancing could also impact your mental well-being. It’s important to prioritize your mental well-being during moments like this. Here are some helpful tips on how to look out for yourself.

 

GET THE INFORMATION YOU NEED

Confused about the differences between furloughed or laid off? Find out everything you need to know here.

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.