What is this eight-week formula everyone keeps talking about?
The 8 week has now become 24 weeks, and it applies to all applicants
- The eight weeks, now 24 weeks is when you need to spend the money you received unallowable expenses.
- This period starts at the date of funding and counts onward for 24 weeks.
- The loan amount is based on 2 1/2 months of payroll
- You are required to spend that money within 24 weeks.
- The 2-year term and the 6 months deferral is staying if you already applied as such
- Note that, you the 6 months is count from the date of decision on the forgiveness application
It’s important to know that you could still apply for the forgiveness within eight weeks of spending the money and you don’t have to wait until the end of 24 weeks to do it.
Is it REALLY all forgiven, if used appropriately?
86% of all loans issued are for $150K and below, and make up 26% of the amount
14% of the loans got 74% of the money, of the $659BB
It’s likely that loans UNDER 150k will be forgiven by default as the cost to process the forgiveness application, and the time to process it can put a burden on the SBA
New applications for Agriculture
- The loan is been closed out for a while now
- Only available for Agriculture
When should I file an application for benefits?
In the first week that you lost your job or had your hours reduced
Who is eligible to claim for unemployment?
- Unemployed people that are out of work due to COVID-19
- Independent contractors that are out of work for the same reason
- You can be totally unemployed or partially unemployed and still submit a claim
- It needs to be involuntary, meaning you did not quit
- Here you need to be aware of the situations related to the sick leave and family leave, where you can get some payments if you were not let go but still wanted to stay home for reasons that fall under wither one of these benefits
How can someone apply for benefits?
You will need to file a claim with the labor office in your state or that Labor Department whichever the name is in your respective state . The reason there is no easy answer to that question is that every state has its own guidelines and its own process so unlike the case with their us where we follow the same process nationwide , when it comes to unemployment benefits it varies state by state .
Generally speaking you will be able to file the claim online and in many cases you will be able to do that by phone fax or Mail I am not sure if all the states offer all these options but here in the state of California you’re able to do that using all these different methods.
The easiest thing to do is to go to the Department of Labor website and from there you could select the state where you’re in And it will take you to that specific website for that state.
What information does someone need for applying?
This varies state by state, but most of the information you will be asked will relate to your dates of employment, salary or wages you earned and other personal information that should be easy for you to answer
If you Are one of the independent contractors applying it would be best if you consult with your states employment Department to find out how to fill in the applications or the claims because some of the questions are meant for people that were previously employed an lost their job and may not be intuitive for people that work for themselves. So as far as I know most of the states have some guidelines of how to complete the appropriate application to file your claim .for example here in California we use the same form for both people that were employed in the past an those who are independent contractors with some guidelines on how to answer certain questions in the case of the independent contractors period that’s why i say you Should consider looking at the specific guidelines in your state .
Last employer information including company name, supervisor’s name, address (mailing and physical location) and phone number.
Last date worked and the reason you are no longer working.
Gross earnings in the last week you worked, beginning with Sunday and ending with your last day of work.
Information on all employers you worked for during the past 18 months, including name, address (mailing and physical location), the dates of employment, gross wages earned, hours worked per week, hourly rate of pay, and the reason you are no longer working.
Notice to Federal Employees About Unemployment Insurance, Standard Form 8 (former federal employees only).
DD 214 Member 4 copy (ex-military only).
Citizenship status, and, if you are not a US citizen, information from your employment authorization document.
What happens after Someone submit for application for unemployment benefits?
Generally speaking, you will receive something from Department the acknowledge your claim and to request more of information if necessary. In normal circumstances you would receive several letters again this is varies from state to state But in most cases the several letters will include acknowledgement of the claim the word of the claim general information related to your account and other correspondences.
This is why it’s very important to keep watching your meal during this time to make sure you don’t miss any important letters, so you don’t delay the payments of your claim.
It’s also very important to read these notices carefully because sometimes they have requirements for you to follow a regular basis to keep your benefits period so don’t ignore the letters and assume that once you where did the benefits that it will keep going . Make sure there is nothing they are that you have to do on regular basis to continue receiving the benefits.
Can someone file a claim if he is part time or got reduced hours?
Yes absolutely you don’t have to lose your job entirely to apply for unemployment benefits but just the reduction of your hours that would impact your pay is enough for you to apply for unemployment.
Will there be another stimulus payment?
Still talk since last time, there is no bill for it. We will let you know when it happens…stay on channel’s facebook page and we let you know, the word is something between $600 and $1500.
What about the debit cards they send and people threw them away?
Contact the IRS
If someone hasn’t filed one’s taxes till now, is he still illegible for the first stimulus check?
- Yes but you still have to file for 2019, or 2018 tax return
- If have not filed, you have until Oct 15 to register, and of course you needed to have filed your 2018 or 2019
- But likely, If you filed your taxes yet, by the time you complete the process, you will not get the check this year, but will be as a credit when you file your next tax return
- If you have not received the check yet go to the IRS site for it, Get-my-payment and see the status
How does the debit card work?
Use the PIN number to handle it just like any other credit card. You can go to the bank and cash it for no fees, but if you use it as a debit card, some fees may still apply
What about the ones who haven’t received the 1st stimulus check?
- Go to the site and see the status
- The worst case you will get it next year
- No more bank account info
- You will get the debit card