Hi. I`m new to this forum and website and I`m hoping someone can give me some information. I`m currently employed and have thought about starting a side business, but I have a concern. I live in Michigan where unemployment rates are pretty high and I`ve been downsized twice. The last time it took me about a year and a half to find another job, and the only thing that really kept me going was receiving unemployment benefits. I`ve been employed for three years now, but at a company with a very high turn-over rate. I`d love to start something on the side but I`m really concerned that if I do and it brought in a bit of money but nowhere near enough to support me I`d be in trouble if I lost my day job. I guess my question is how would a small side business affect unemployement benefits if I lost my job? Does it depend on how much the side business brings in, or would any side business make you ineligible for unemployement benefits. I know this sounds a bit pessimistic but after two downsizings I`m a little gun-shy about leaving myself vulnerable. Sorry for the long post but any advice would be much appreciated. Thanks.
Thanks for the info. I gave them a call. They told me that any profits from a side business would affect the amount of unemployment benefits received but would not necessarily eliminate them. The example they gave: if someone had a side business that generated $100 a week, and they lost their main source of income, the side business would cut $50 from their weekly unemployment check. In other words, you wouldn`t be left high and dry, which was my concern. By the way, this is for the state of Michigan - I don`t know what the rules are for other states.
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