Business owners filing for unemployment?


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Business owners filing for unemployment?

I’m trying to see a downside to filing for unemployment as an owner of the business (s-corp so technically an employee also). If were forced to sit at home like everyone else why not? Even if its a partial amount you’re still getting an extra 600 from federal. I keep seeing everyone talking about these loans but why? Why not just save the headache, chill on your couch, collect $$ and not have to pay it back? You’re Ui rates arent even going to go up! Seems like such a scam as it is currently. Somebody please point out the obvious if im missing it.

Business owners filing for unemployment?

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5 Replies to “Business owners filing for unemployment?”

  1. We’re in the middle of deciding this now. We’re a Pennsylvania S-corp, one owner/employee with one other employee. The only thing stopping us is fear of our UI rates going through the roof. Anyone have experience with this or know of any resources we can check out? A large rate increase has the potential to harm us as much/if not more than if we try to keep payroll going on a shoestring budget.

  2. If you complete the SBA Disaster loan form, it does ask if you’re getting aid related to the disaster from any other source. Would unemployment qualify? I would think yes… but there is very little information about the loan, so what impact it would have, I don’t know. But if it has no impact, why would they ask? In my opinion, the loan would be more valuable than the unemployment.

  3. The bonus $600 is only for a few months. If you need more to float your business through the crisis, you’ll need a loan. But you can’t get the loans and UI both as far as I am aware.

  4. You still have overhead, unless you have a home based business I suppose. You would have to weigh UI benefits versus overhead.

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