Self Employment Assistance Program

Job security today is a tricky subject. While the economy seems to be on the repair many businesses are still laying people off left and right in order to stay afloat. For those that are laid off as a result of rough economic times there is an option that is more lucrative than simply drawing unemployment while you look for a new position. It is called the Self Employment Assistance Program.

Self Employment Assistance Program

The Self Employment Assistance Program is a voluntary program that states can participate in. As of the beginning of 2010 only seven states were signed on to this program: Delaware, Maryland, New York, Pennsylvania, Maine, New Jersey and Oregon. This program gives people that have been laid off the opportunity to draw regular unemployment checks while they get their own business off the ground.

Eligibility

In order to qualify for this program your state has to be participating in it. If you live in a participating state then you will next need to qualify for unemployment benefits based on your state's laws. Usually this will mean that you have enough work credits in your history to qualify for benefits and that you have worked consistently over the last several years in the state. Another qualification for this program is that your state needs to determine that if you do not start your own business that you will run out of unemployment benefits before finding another job. The final qualifying point is that you have a business idea that is ready to be launched or that has already been launched. Keep in mind that every state is going to have its own set of rules for qualifying for this program.

Benefits of the Program

What makes the Self Employment Assistance Program different from regular unemployment benefits is that it allows you to "work" for yourself while drawing unemployment benefits. The amount of money that you receive will be the same as if you were not operating your own business and were instead looking for a job. You will get your benefit checks weekly. The purpose of this program is to give entrepreneurs a financial cushion while they are getting their company's up and running.

This is a great program to look into, even if you have already started a company. The agency that you will need to contact is the State Workforce Agency. If your state does not offer this program then talk to your unemployment agent or to the State Workforce Agency for recommendations on how to get your state involved in this program.

References

http://www.workforcesecurity.doleta.gov/unemploy/self.asp?cm_sp=ExternalLink-_-Federal-_-DOL