Are you thinking about starting a business and want to take advantage of unemployment benefits? The lump sum unemployment benefit payment allows future self-employed individuals to access the outstanding amount to invest in their project. But when can you apply for it and what requirements must be met? We'll tell you.
The lump sum unemployment benefit, also known as unemployment capitalization, is a measure designed to promote self-employment. It allows unemployed unemployment beneficiaries to use, in advance, part or all of their outstanding unemployment benefit to invest in their own business or join a cooperative or worker-owned company.
Who can apply?
Those who can apply for a lump sum payment are:
- Have the right to contributory unemployment benefits recognized.
- Have not yet started their activity as self-employed.
- Whether you are starting a business as a self-employed worker or joining a cooperative or labor society as a partner.
- They have not received this modality in the last 4 years.
- They have not challenged the termination of the employment relationship that gave rise to the strike.
- They undertake to start the activity within a maximum period of 1 month from the concession.
When can I order?
The single payment must be requested before registering as self-employed or partner of an entity, and always while maintaining legal unemployment status. If the applicant has already started the activity, they lose the right to request capitalization.
What payment methods are available?
There are several modalities:
- Payment in a single installment of the amount necessary to make the initial investment (up to 100% if it is a matter of incorporation as a self-employed person).
- Monthly subscription to subsidize Social Security contributions as a self-employed person.
Combination of both modalities.
What can it be used for?
The money should be used for:
- The investment required to start the activity.
- Expenses related to the incorporation of the company.
- Payment of fees or licenses.
- Purchase of equipment, furniture or machinery, among others.
The amount may not be used to cover personal debts or for non-business expenses.
What documentation is needed?
- Official application for the single payment.
- Project report to be developed (business plan).
- Detailed investment budget.
- Proof of not having started the activity.
- In some cases, additional documentation about the cooperative or labor society.
And then what?
Once the lump sum payment has been granted, the self-employed person must justify the investment made within the period established by the SEPE (normally one month from the date of receipt), and must remain employed for a minimum of three years. Otherwise, they must repay the amount received.
Can we help you?
If you're considering starting a business and want to take advantage of this opportunity, our consulting team can help you prepare your application, justify your project, and process any additional grants. Contact us and take the first step with all the information in order.
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