In response to the (expected) PUA coming on-line later this week for self-employed residents in CT, Nikki has been getting a number of questions from members. PLEASE NOTE:Nikki is NOT a DOL or State employee; she is NOT a financial advisor/CPA/bookkeeper. AMTA cannot advise you in such matters. Nikki is working off advise from others who are in these roles, and can only share the general information they have provided.
From Nikki:I have been asked about what to do if you have already received, been approved for, or taken the SBA’s Disaster Relief Funds or the PPP money. Now that the PUA is coming on-line, there are questions about eligibility. The simple answer is: You may not double-dip or take full payment from PPP and supplement from PUA. Having said that, everyone I have been in contact with does not know how this plays out. Some of us closed since early March; some since the 23rd. PUA is not coming online until May, and the whole of April was basically without income.So what to do? Best advise is, if you file with a 1099 or Schedule C, apply for PUA. Let the Government sort out the amounts and dates. Also, if you have the PPP, and that was secured early, that will run out before massage is brought back on-line, so the PUA could be beneficial.
To that end? PLEASE KEEP EXCEPTIONAL RECORDS!!!!! You are responsible for income tax on any PUA/Unemployment Insurance Funds you receive. Plan appropriately. If you have a loan or grant from one of the Federal financial assists, seek guidance from a financial professional in terms of your taxes and repayment options and liability. Reach out to your lender if you need advice or assistance on the repayment or forgiveness structure of your assistance. Applying for PUA initially will not negate your loan/grant. The government has said that the PPP funds, if not fully utilized, are repayable without penalty. Again, reach out to your lender for the details on your repayment. In general, you will need records showing all payroll/draw monies, any payments for rent or utilities, payment for other business expenses (like your phone service, online scheduler, and payment software. Err on the side of caution, at this time.
The PUA, when it becomes available, is a brand-new system, and I cannot answer questions on what is needed or how to fill out the application. I suggest having your 2019 tax information handy, as well as any 2020 information you may have from Q1. If you have a part-time or full-time employer that has been covering UI for you thus far, there is no information available that I can find as to what your PUA eligibility will look like. Best suggestion? File. And then follow-up if you need to after we have further details. DOL is getting more caught-up on their work and hopefully will have some dedicated staff to assist the PUA filings.
Thank you all for reaching out and for your thoughts on re-opening and what the ’new normal’ will look like.
Nikki Arel, GR Chair for AMTA-CT Chapter