Financial Aid- CARES Act

PPP Program:

There are many websites with conflicting information on the recently changes Payroll Protection Program.  We have included a link to the SBA's website to share the most commonly asked questions regarding the PPP Program.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

The following is an editable PDF of the PPP Program: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

FPUC (Unemployment)

How much in unemployment benefits can I receive and for how long?

It depends! The CARES Act provides benefits of $600 per week (only through July 31, 2020, called Federal Pandemic Unemployment Compensation (FPUC) ) in addition to the amount provided under a state’s compensation law through December 31, 2020.

Typically, states base compensation amounts on an individual’s wages from their most recent tax year, and net income from all self-employment that was reported on an individual’s tax return. States compute a state weekly benefit amount for eligible individuals, based upon state law. Individuals can receive up to 39 weeks of PUA benefits through December 31, 2020.

For more on state specific benefits, please visit the Department of Labor's Significant Provisions of State Unemployment Insurance Laws

(link is external). The CARES Act also included a provision encouraging states to waive a customary 7-day waiting period for the first week to receive benefits.

Individuals deemed eligible to receive unemployment compensation benefits under the PUA should also be entitled to receive the “Federal Pandemic Unemployment Compensation” (FPUC) of $600 per week through July 31, 2020.  Individuals who are deemed ineligible to receive unemployment compensation benefits by a state labor agency will also be ineligible to receive the Federal Pandemic Unemployment Compensation.