Summer 2020 interns: can we file for unemployment benefits?

Since most of our internships have been shortened to July, can we get unemployment checks for the month of June? It seems that according to ca.gov, we qualify since we are "totally or partially unemployed." Also, if we file for unemployment insurance benefit payments, will our banks find out? Here's the California eligibility guidelines: https://edd.ca.gov/unemployment/Eligibility.htm

Comments (28)

Jun 12, 2020 - 9:49pm

In New York, there's a formula based on your work wages within the state the prior 2 calendar quarters or something like that and then there's an alternate formula with base hours or something like that. It's on the NYS Dept of Labor site somewhere

Jun 12, 2020 - 11:38pm

While you could do this, your employer does get a notice that you filed for unemployment benefits since they pay into unemployment insurance or a state general unemployment fund. Of course this varies state by state, but I'd be willing to bet almost all do this. Probably not worth the red flags/integrity issues this would bring up with your potential full time employer down the road, or at the very least, a place you want a good reference from.

Most Helpful
Jun 13, 2020 - 12:14am

Total shame on all you thinking of doing this. When our country's financial resources are stretched so thinly, for those fortunate to have a IB internship and therefore most likely a decent full time job offer in some aspect of finance around the corner, you all think you should be entitled to a piece of the pie from those in much direr situations? You are literally making more in a few months than a minimum wage worker does in an entire year. I hope you all get your offers rescinded.

Jul 28, 2020 - 1:24pm

Quick genuine question not trying to be snarky:

Don't the people who want to do this pay taxes? If so, why are they not entitled to the same benefits of said taxes?

I'm also not American so I'm not familiar with how your social net works. Please correct me if I missed something.

  • Intern in Other
Jul 28, 2020 - 3:53pm

In principle, yes, all taxpayers should get a slice of the pie - but that scenario exists in a fantasy land with infinite resources. Realistically, a social safety net should redistribute government resources to those who need it most - single parents living paycheck to paycheck, not college students who work in one of the most lucrative fields in the world.

Jun 13, 2020 - 10:01am

If I am already collecting unemployment due to COVID layoffs and my internship got pushed back to July 6th yet I get paid for the entire summer can I collect unemployment in June? I won't be getting paid until July but that payment will include June paychecks.

Array
Jun 13, 2020 - 12:15pm

shame on you OP. you're gonna be raking in ~85k pro rata but ur here asking if you can juice the public welfare system for a few more bucks while there are literally people dying and going broke

good luck with that return offer you've been dying for when HR finds out you've been semi-defrauding the gov for booze money

"They say money can't buy happiness? Look at the fuckin' smile on my face. Ear to ear, baby!" - Boiler Room

  • 7
  • Analyst 1 in IB - Cov
Jun 13, 2020 - 2:23pm

Unless you were working a job that paid a qualifying amount before summer, then no. What the actual fuck. And the only thing stopping you is "a bad look"? What a joke. Millions of Americans are barely affording to survive in this crisis, and you're looking for a free handout.

Jul 26, 2020 - 9:20pm

So my internship was shortened from 10 weeks to 5 weeks and I will only get paid for 5 weeks. I was depending on the 10 weeks income to pay for my living expenses for next school year. Is there any reason why I should not apply for unemployment for those 5 weeks for which I do not get paid. This year because of covid it seems like a lot of students may have to do that, escpecially those whos internships were cancelled. In any other year a firm's HR department might think twice if an intern did that but not this year. In fact my school sent out an email saying that students should look into unemployment benefits. Hell, my firm's HR people would do the same thing if it happened to any of them personally. I do not get this holier than thou arguement when the world is falling apart and IBs will start laying off people and our governement has created special programs to help us.

Jul 26, 2020 - 11:45pm

Geez this site is filled with wimps, go deliver pizzas for those five weeks. I guarantee the internship firm gave you at least a week or two's notice, so you coulda been working some job to make ends meet instead of complaining two months later on WSO.

Jul 27, 2020 - 12:08am

Delivering pizza may not be the best thing to do during covid. I am just not getting my arms around the comments of shame and semi-fraud. Seems very legit to me if one's internship or part time job has been cut or cut short and you are not getting money for it, especially if your state specifically talks about students applying on their website. I can bet my firm's head of HR's kids are doing it.

  • Analyst 2 in IB-M&A
Jul 27, 2020 - 1:49am

People like you are the reason finance ppl get bad rap

  • Analyst 1 in IB-M&A
Jul 28, 2020 - 12:46pm

I think people should be mindful that for some of these interns, they heavily depend on their summer internship earnings to support themselves throughout the upcoming school year. Not everyone who works in banking comes from a well-off family where parents can pay for rent, food, books, etc for their college student children. Suddenly having your income cut in half or reduced can seriously throw off your financial situation. Add to the fact that the job market is terrible right now because of a global pandemic so its not going to be as simple as "delivering pizzas" or "figuring out a way to earn that same amount weekly" not to mention the health concerns from constantly interacting with other people for your "temp job". Even incoming full-time analysts should be eligible for unemployment benefits if their FT start date was delayed because of COVID-19. If people are struggling to find a way to make ends meet, consider calling your states unemployment department and finding out if you are eligible. Doesn't hurt to ask.

Jul 28, 2020 - 2:38pm

Because in the grand scheme of things you are making roughly 17000 as a summer IB intern and when you take into account rent and taxes that number will easily drop to 10000. When some ppl are paying upwards of 300k to attend a top target and even at the bare minimum 130k to attend a state public how can one claim someone "heavily depends" on the summer intern income? Just take out a few more loans at record interest rates. If you are going to default on a few thousand more on student loans you were going to default on your original amount.

Jul 28, 2020 - 1:21pm

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  • Analyst 2 in IB - PubFin
Jul 28, 2020 - 2:51pm

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