Relief for Self-Employed and Contractors

Written by Kristelle

March 30, 2020

Many of those small business owners are self-employed and contractors. Here’s how the CARES act is explained to benefit 1099 workers:

Known as the CARES Act, the law takes unprecedented steps in including the self-employed in the social safety net. It offers freelancers unemployment insurance, for which they generally don’t qualify, on a large scale for the first time. As stipulated in the House bill, it offers freelancers an additional $600 a week in unemployment insurance, bringing weekly payouts to the $800- to $900-a-week range when state benefits are added, to workers including the self-employed, for up to four months…

 

Sole proprietors, ESOPs, cooperatives, businesses with no more than 500 employees and tribal small business concerns can apply. Under the EIDL program, administered by the U.S. Small Business Administration, applicants will not have to submit a tax return and will be evaluated based on their credit score. The SBA will provide the funding within three days of a successfully completed application as an advance payment.

News article from MSNBC:  https://www.cnbc.com/2020/03/30/cares-act-will-be-an-economic-lifeline-for-gig-workers-freelancers.html

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