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Old 04-17-2020, 07:49 PM
bartleby77's Avatar
bartleby77 bartleby77 is offline
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Join Date: Apr 2020
Location: Washington
Posts: 3
Default Unemployment and EIDL

Hello Tom,

It looks like our state is getting their stuff together with unemployment. Spoke with them today and they are rolling out new application for self employed people and requiring people to upload bank statements from 2019 to verify income.

If she is approved to apply for unemployment, is there a formula for qualifying for an EIDL loan as well?

These are not real numbers, just an example for easy math.

Lets say she was taking in: $1000/week or $52K/year &
Net profit after expenses $38K.

Under which of the following scenarios is she eligible to apply for the EIDL program.

If her unemployment benefit is $400 or more at state level with $600 hundred federal supplement. This would be the same or above what she was making.

If her unemployment benefit is $399 or less at state level plus the $600 hundred federal supplement. This would be less than $1000/week, ie, less than what she was making.

Thanks for clarifying, its a confusing time!
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Old 04-19-2020, 08:20 AM
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TomCopeland TomCopeland is offline
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Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,052
Default unemployment

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Originally Posted by bartleby77 View Post
Hello Tom,

It looks like our state is getting their stuff together with unemployment. Spoke with them today and they are rolling out new application for self employed people and requiring people to upload bank statements from 2019 to verify income.

If she is approved to apply for unemployment, is there a formula for qualifying for an EIDL loan as well?

These are not real numbers, just an example for easy math.

Lets say she was taking in: $1000/week or $52K/year &
Net profit after expenses $38K.

Under which of the following scenarios is she eligible to apply for the EIDL program.

If her unemployment benefit is $400 or more at state level with $600 hundred federal supplement. This would be the same or above what she was making.

If her unemployment benefit is $399 or less at state level plus the $600 hundred federal supplement. This would be less than $1000/week, ie, less than what she was making.

Thanks for clarifying, its a confusing time!
Whatever you get from unemployment has nothing to do with your ability to qualify for the SBA loans and has nothing to do with how much you will get from the loans.
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