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3 BEST COVID-19 RELIEF OPTIONS FOR FREELANCERS, SELF EMPLOYED, & SMALL BUSINESSES

George Birrell
Author: ,
Posted: 04/03/2020

An outline of the main options and programs for Freelancers, Solopreneurs, and 1099 Contractors who are in need of COVID-19 relief funds:

 

  • Paycheck Protection Program Loan

    • SUMMARY: Loan for Payroll and other overhead expenses such as rent for employers and sole proprietors with fewer than 500 employees. All or most of the loan amounts will be forgiven if proceeds are used for payroll cost, rent, interest, or utility costs and employee compensation levels are maintained and no employees are laid off.
    • When can I apply?
      • April 3 for Corp (1120 & 1120S) and Partnership (1065) Filers
      • April 10 for Independent Contractors (Sch C of 1040) Filers
      • You Must Apply before June 30, 2020
    • Where can I apply?
  • Emergency Injury Disaster Loan with $10k Grant

    • SUMMARY: This loan advance will provide up to $10,000 of economic relief to business that are currently experiencing temporary difficulties. This loan advance will be made available within days of being applied for and will not have to be repaid
    • When can I apply?
      • April 1, 2019 for all business which includes Corporations, Partnerships, and Sole Proprietors/Self Employed Persons
    • Where can I apply?
  • Pandemic Unemployment Insurance Assistance program

    • SUMMARY: Freelancers and Solopreneurs (schedule C and 1120S) filers can now apply for unemployment insurance with their state unemployment agency. This benefit will provide and $600 per for up to 16 weeks. In order to qualify, you must prove that the coronavirus pandemic has made it impossible to earn a living with your freelancing / 1099 Contractor income.
    • When can I apply?
      • Now!
    • Where can I apply?

 

 

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