Lay myself off or not?
Post date: 2020-04-01 11:24:22
Views: 180
Should I lay myself off? Coronavirus edition.

I am a freelancer working in an industry that has dried up overnight. Last year, I incorporated, so I am now the president of an LLC with one employee (also me). I generally pay myself once a month. I'm already unable to make payroll.

Given the financial relief currently available due to The State of Things, am I, the owner of this company, better off laying off my employee (me) so she (I) can collect unemployment? Or should I apply for relief for the business itself? How do I make this decision? What would I even be eligible for?

(I cannot believe that I can't get a straight answer from either my accountant or my financial advisor, but here we are.)
Number of Comments
Please click Here to read the full story.
 
Other Top and Latest Questions:
New Trump tariffs collection hits $200 billion, Customs says
Baron Capital rolls out five active ETFs, SpaceX becomes the firm's biggest investment
How surprise year-end income could derail your tax strategy — and how to plan for it
Jim Cramer's top 10 things to watch in the stock market Tuesday
Ford to record $19.5 billion in special charges related to EV pullback
U.S. crude oil drops below $55 a barrel, hits lowest level since early 2021
Former iRobot CEO calls Roomba maker's bankruptcy 'a tragedy for consumers'
Databricks raises capital at $134 billion valuation in latest funding round
Robotaxis in 2025: Waymo plots global expansion as Zoox, Tesla roll to the starting line
Hassett says Fed independence is ‘really important’ and chair candidates shouldn’t be disqualified for being Trump’s friend