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IMPORTANT NOTE ABOUT WEEKLY FEDERAL
PUA INCOME CERTIFICATIONS
If you are now seeing Federal PUA information from your state unemployment departments, you will have to certify your weekly earnings, whether you have them or not.
My advice is to enter your weekly net earnings from self-employment for any weeks you earned any.
Even with a 2019 business LOSS or low income, you may still be eligible so be sure to apply in those cases!
How much is PUA?
There are no guarantees what your individual PUA benefits will be.
PUA potentially provides the same amount as regular unemployment (60% of your average weekly salary, up to a maximum of $713 per week) for up to a total of 39 weeks. The PUA amount for the self-employed is calculated using prior year(s) tax returns if wages are not reported through wage records.
The PUA minimum, for businesses operating at a loss or with insufficient income to qualify for benefits, is $231 per week. PUA benefits are considered taxable income. PUA recipients are also eligible for an extra $600 per week, also taxable. The $600 per week is retroactive to the week ending April 4, 2020, and ends the week of July 25, 2020.
REMINDER: You cannot accept both the PPP and unemployment. So, my advice is that you apply for both and once you find which gives you the greater after-tax benefit, return the other.
Click here to apply for NJ Unemployment NJ Unemployment Website
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Please reach out to me without hesitation with any tax, business or accounting question, and to schedule a consultation.
Tax Laws are complex.
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Do you have a Tax, Accounting or Business Question?
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Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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