Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed into law on March 27, 2020, provides relief to families, small businesses, and individuals who are self-employed and independent contractors.
A key provision in the law creates a temporary “Pandemic Unemployment Assistance” program that extends unemployment benefits to those not traditionally eligible, including self-employed individuals. Below is a summary of the program that will be updated with guidance anticipated from the U.S. Department of Labor (DOL).
CLICK HERE to download the Frequent Asked Questions (FAQs) Document from the National Association of REALTORS.
The Federal relief package DOES INDEED MAKE UNEMPLOYMENT BENEFITS AVAILABLE TO INDEPENDENT CONTRACTORS. This was a landmark win for NAR, since previously independent contractors were not eligible for unemployment benefits during usual economic conditions. This is an emergency, and our federal and state governments have responded.
THE FIRST DAY INDEPENDENT CONTRACTORS WILL BE ABLE TO APPLY FOR UNEMPLOYMENT BENEFITS IS NEXT FRIDAY, APRIL 10, 2020. At that time, if you need to file for unemployment, go to the Colorado Department of Labor website here: https://www.colorado.gov/cdle. This program also has a finite amount of money, and we don’t yet have clarity on what the federal government will do if these economic conditions worsen. Again, if you are in need, we encourage you to apply as soon as you can beginning on April 10th. The current legislation was written to provide unemployment benefits for somewhere around $600 per week (which may or may not be supplemented by additional state benefits) for a total of four months ending on December 31st.
Remember, this is the best and most accurate information that we have right now, but things change in this crisis minute by minute. Please keep checking the state websites I mentioned for the most accurate information, and we’ll do our very best to make sure SMDRA’s website is up to date as well. You can also use CAR’s COVID 19 portal for additional information.