We have crafted a Paycheck Protection Program Loan calculator to help you determine the maximum amount of the loan and the portion that will be deemed forgiven. This information is provided for estimate and planning purposes only. Loan approval can only be granted by an SBA 7(a) lender. It is Cooper Norman’s current expectation that a calculation similar to this downloadable spreadsheet will be provided by the lender as part of the application process.
Next, each state’s unemployment benefits have continued to evolve. We recommend that you frequently visit guidance provided by your respective state.
By way of information, Idaho recently updated several unemployment provisions surrounding COVID-19. We recommend you visit their FAQ blog page: https://idahoatwork.com/2020/03/18/faqs-about-unemployment-insurance-and-covid-19/
Below are a few key provisions:
UPDATED March 31: Are independent contractors or self-employed workers covered?
Yes. The CAREs Act expanded the unemployment insurance program to include Pandemic Unemployment Assistance (PUA). This program allows payment for individuals who are not eligible for regular benefits, particularly self-employed individuals. We are working with the U.S. Department of Labor on further details so we can implement these changes, which could take several weeks. Please apply for benefits online at https://www2.labor.idaho.gov/ClaimantPortal and continue to submit your weekly certifications. Enter your work history on the online application as self-employment. We will inform you of any changes that will potentially affect your unemployment benefit claim.
NEW March 31: Will I be required to look for work if I am temporarily out of for work because of coronavirus (COVID-19)?
No. If you are unemployed due to COVID-19 related reasons and will be returning to work with your employer, you are not required to seek work or register for work with us. Answer ‘yes’ to the question asking if you are returning to work within 16 weeks on your unemployment application. You are still required to submit your weekly reports and to maintain contact with your employer.
NEW March 30: I heard I am going to get $600 more per week? When does this start?
The CAREs Act expanded the unemployment insurance program to include Federal Pandemic Unemployment Compensation (FPUC). This program adds an additional $600 to each claimant’s weekly payment. We are working with the U.S. Department of Labor on further details so we can implement these changes, which could take several weeks. You will be made aware of any changes that will potentially affect your unemployment benefit claim.
Finally, the U.S. Senate Committee on Small Business and Entrepreneurship has crafted a Small Business Owner’s guide to the CARES Act. The document is highly informative. We recommend you find time to review the provisions of this document.