INDEPENDENT CONTRACTOR'S GUIDE TO UNEMPLOYMENT COMPENSATION and SBA ECONOMIC INJURY DISASTER LOANS (EIDL)

April 17, 2020 11:20 AM | Connie Shipley (Administrator)

UNEMPLOYMENT COMPENSATION

Am I ELIGIBLE?

HOW MUCH does the program pay and for how long?

PUA pays the same weekly benefits as your regular state unemployment insurance (UI) program, but the benefits are 100% federally funded. PUA benefits are available for up to 39 weeks.

This program expires on December 31, 2020.

Through July 31, 2020, recipients of unemployment compensation will receive an additional $600 per week on top of the state-calculated benefit.

According to the Department of Labor: “An individual who works as an independent contractor with reportable income also may qualify for PUA benefits if he or she is unemployed, partially employed, or unable or unavailable to work because the COVID-19 public health emergency has severely limited his or her ability to continue performing his or her customary work activities, and has thereby forced the individual to suspend such activities” is eligible.

NOTE: Receipt of a PPP loan may impact your ability to collect unemployment insurance.

Oregon Unemployment Insurance Program

General Information about the Unemployment Insurance Program:

https://www.oregon.gov/EMPLOY/Unemployment/Pages/default.aspx

To file a UI claim online:

https://secure.emp.state.or.us/ocs4/index.cfm?u=F20161026A115006B48721263.5255&lang=E

To apply by phone:
http://findit.emp.state.or.us/ocs/ui-center-lookup/
To check the status or get information on your claim:
https://ssl8.emp.state.or.us/ocs4/index.cfm?u=F20090409A135628B981286.346099&lang=E

Coronavirus update: Oregon is providing updates on Unemployment Insurance changes related to COVID-19 here:
https://www.oregon.gov/employ/Pages/COVID-19.aspx


SBA ECONOMIC INJURY DISASTER LOANS (EIDL)

HOW DO I APPLY?

Apply for an EIDL loan at SBA.gov/disaster

Am I ELIGIBLE?

What are the loan TERMS, CAPS, and PARAMETERS?

How can I access  an emergency  $10,000 GRANT?

You are eligible to apply for an EIDL loan as an independent contractor or self-employed person. NOTE: As of April 15, 2020, the EIDL program was running out funds, so loans were only being approved up to $15,000, and emergency grants were limited to $1,000 per employee up to $10,000. Congress may replenish funding, in which case this guide will be updated.

  • The maximum EIDL is a $2 million working capital loan at a rate of 3.75% (up to a 30-year term) Payments on Coronavirus EIDL loans are deferred for one year Up to $200,000 can be approved without a personal guarantee Approval can be based on a credit score and no first-year tax returns are required Borrowers do not have to prove they could not get credit elsewhere No collateral is required for loans of $25,000 or less For loans of more than $25,000, general security interest in business assets will be used for collateral instead of real estate The borrowers must allow the SBA to review its tax records

Eligible applicants for an EIDL may receive up to a $10,000 emergency grant within three days of submitting their application (through Dec. 31). There is no obligation to repay the grant. Applicants who are denied an EIDL loan are still eligible to receive the $10,000 emergency grant. If you secure a PPP loan, the $10,000 grant will be subtracted from the forgiveness amount NOTE: The Paycheck Protection Program (PPP) created by the CARES Act prohibits borrowers from taking out two loans for the same purpose.

Prepared by the U.S, Chamber of Commerce


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