Self Employed S-Corp - Terminate Employment

1.yes you can lay yourself off due to no income. The comparable wage requirement goes out the window with loss of income.

2. Yes you can sign up for unemployment since you should have been paying into the fund all along.

3. Yes see 1 above. You are not required to go in the red and borrow money just to pay yourself although with federal and state funds at zero zero % and generous payback terms it is something to consider.

4. You would have to lay yourself off to get help with insurance but see 3 above - you might be able to borrow to pay health insurance while also collecting unemployment

If you are under a stay at home or need to tl take care of children with closed schools or are sick you might qualify to pay yourself sick pay and get reimbursed by the government for up to 80 hours. 

John-Pero, thanks for your time to answer my all concerns. So I have the following options:

1. Terminate my self employment (Layoff) and apply for unemployment. 
2. Keep my company status as S-Corp but no need to file any Corporate/Payroll Taxes (already paid CA minimum $800 tax for this year) or Quarterly Reports except for 1st Quarter (Jan - Mar).

3. Once employment is terminated then only apply for Heath Insurance through Covered California.

I won't tell you exactly what to do, all I can do is lay out the possible options.

Unemployment options may be boosted by however the $2 trillion package shakes out