Unemployment Compensation

Accounting & Auditing,Financial Tid-Bits,Tax

When the coronavirus (COVID-19) causes a lost job or reduced hours, can affected employees draw unemployment compensation (UC)? UC is paid for by a tax on employers to replace part of a displaced worker’s wages. Generally, to collect UC, individuals must be able to, be available for and actively seek work. However, states have flexibility in imposing these rules. Individuals whose jobs are affected by COVID-19 may still be eligible for UC, depending on state law. To assist states in implementing their UC programs during this outbreak, the U.S. Dept. of Labor issued guidance, including a definition of “unemployed” and how to assess UC eligibility. Here’s more: https://bit.ly/3bnHU3Z

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