UNEMPLOYMENT RESOURCES
We will be sending you various resources over the next several weeks. Please feel free to send us your links and we will review them and post them on Facebook or Instagram or write a blog about them. These are unknown and trying times but know that we have an entire team of people we are working with, from our family at IFG to individual money managers, to local CPAs and attorneys. If you or your friends or family need to talk, I encourage you to schedule a call or pass along our information to others so they can schedule a call. Our calendar link is here.
Unemployment During Covid-19
The US Department of Labor has recently announced new legislation around workplace rights to increase access to unemployment benefits during the Covid-19 pandemic. Unfortunately, Coronavirus means many are self-isolating or even in quarantine, so being able to work may not be available. Of course, this might not be a sustainable and affordable option for yourself or your family, and you may be considering filing for unemployment benefits. We’ve outlined information on claiming unemployment as well as some other resources for individuals and businesses.
The Tennessee Department of Labor and Workforce Development determines an individual’s eligibility for unemployment benefits on an individual case-by-case basis. This depends on three factors:
Reason for unemployment
Past earnings
Availability for work
Reason for Unemployment
To qualify for unemployment, you must be out of work through no fault of your own. The government has advised employers who have stopped conducting business due to Coronavirus to contact the Tennessee Department of Labor and Workforce Development in order to discuss options for their employees. Similarly, employees may also contact the office. Under current conditions, unemployment benefits may be granted for one of three reasons:
Employer temporarily ceases operations due to Covid-19
Employee is quarantined with the expectation of returning to work afterwards
Employee leaves workplace due to fear of exposure or to care for a family member who has contracted Covid-19
Past Earnings
Tennessee looks at your “base pay” rate for four of the five “calendar quarters” leading up to filing for unemployment benefit. To qualify, you must meet the following criteria:
Average wage across two highest-paid quarters must be at least $780.01
Earn $900 or six times your predicted weekly benefit amount in three quarters outside of your highest
However, even if you do not meet these conditions, it might still be worthwhile to contact the department. Under the exceptional circumstances, the government has announced that they are taking a more flexible approach to ease the financial burden of Covid-19; therefore, these conditions may no longer be upheld.
Availability to Work
To maintain eligibility, you must show urgency that you are looking for a job. Keeping a record of your job search and application processes is a good idea, in case you need to produce evidence. Once again, due to current circumstances, this condition may not be upheld and you should check your own situation with the Tennessee Department of Labor and Workforce Development.
Unemployment Benefit Amount
As previously mentioned, unemployment benefits are approved on a case-by-case basis and offers differing amounts to different individuals. The general minimum weekly unemployment benefit amount is $30, whereas the maximum is $275. This is determined by your previous wages in the “past earnings” section. Under normal circumstances, unemployment is available for up to 26 weeks; however, speculation is rife during the Covid-19 period as we are unable to estimate how long this period of widespread workplace instability will last.
SBA Loans
As well as increased access to unemployment benefits, other financial aid may be available. For example, the Small Business Association is offering Economic Injury Disaster Loans of up to $2 million in assistance. To find out more or access the Covid-19 fund, contact the SBA.
Locally
Locally, many Go Fund Me accounts like this one from Memphis have been set up to help food workers and others. It is important to check the legitimacy of these accounts since scams have utilized online fundraising platforms in the past. However, they could be a good way to continue “purchasing local” and aiding the micro-economy of your local community. Furthermore, if you require assistance, Go Fund Me’s like this one offer surveys to local workers where funds can be allocated.
Artists
The Tennessee Arts Commission released a statement in an offer of solidarity and support. It is recommended to read the post in full, but some of the highlights for Artists include:
List of Emergency Funding and Relief Grants
List of Mental Health Resources
List of Temporary/ Remote Job Opportunities
Americans for the Arts is gathering data and stories from affected artists, which you are able to contribute to here
Creative Capital offers a list of Arts Resources for emergency grants and guides
As always, please give us a call to discuss your specific situation and we will try to find resources for you.