We’ve put together a list of resources for self-employed business owners affected by COVID-19. Learn what loans, grants, and other government programs you may be eligible for.
Business Loans
8 Loans Options for Small Business Owners During the Coronavirus Outbreak: The Paycheck Protection Program and Economic Injury Disaster Loan may be getting all the glory, but did you know that there are other loans for business owners? Get a primer of what loans are available here.
Apply for a PPP Loan through Collective: Ready to go all-in with a PPP loan? You can apply for a loan directly through Collective.
Economic Injury Disaster Loan (EIDL): If a PPP loan isn’t your jam, consider applying for an EIDL. When you apply for an EIDL you can request an emergency cash advance of $1,000 per employee that’s forgivable if certain conditions are met.
SBA Express Loan: Need money fast? While not a forgivable loan, an SBA Express Loan gives businesses a decision within 36 hours. You can borrow up to $350,000.
SBA Express Bridge Loan (EBL): If you already have an existing relationship with an SBA lender (translation: another SBA loan), an EBL allows you to quickly access up to $25,000 in working capital.
Other Relief Options
Grant Options for Freelancers During the Coronavirus Outbreak: Grants are a great option if you need some financial support, but in smaller amounts (think $250-$1,000). Unlike loans, grants don’t need to be repaid. See what grants are available for self-employed folks here.
Unemployment Insurance: The CARES Act expanded unemployment insurance to independent contractors, gig workers, and sole proprietors. Unemployment insurance benefits are administered by your state, but, generally speaking, if you’re self-employed you’ll need to verify your self-employed income and that it has gone away due to COVID-19.
Families First Coronavirus Response Act (FFCRA): Under the FFCRA businesses and self-employed folks can qualify for tax credits for putting themselves or their employees on emergency paid sick leave or family and medical leave.
Employee Retention Credit: If your income is down 50% or more this year compared to lat, and you don’t know when you’ll recover, you could qualify for the Employee Retention credit. This credit covers up to 50% of your payroll costs for the rest of 2020 or until your income recovers.
State and City Relief Resources: Many states and cities have their own small business relief programs. Our friends at Gusto have put together a comprehensive database of COVID-19 resources that is divided by state and updated daily. Check that out here.
2020 Tax Deadline Extension: Taxpayers can now file and submit payments for their 2019 taxes without incurring penalties or interest until July 15, 2020. While this change doesn’t put money directly into your wallet, it does keep it there longer.
Working During COVID-19
6 Best Practices for Working from Home: Getting used to the WFH life isn’t something that happens overnight. Check out these best practices for bringing your best when running a business from your abode.
Hacks for Freelancing in a COVID-19 World: Whether you’ve just started freelancing, or you’re a seasoned pro with decades under your belt, these freelancing hacks are designed to help you keep your business running in an uncertain economy.
A Freelancer’s Guide to Managing Job Uncertainty During the Coronavirus Crisis: As if freelancing isn’t hard enough, COVID-19 has brought many jobs to a grinding halt and we still don’t know for how long. Here’s how you can cope during the crisis.
Finding Work From Home Jobs Hiring During The COVID-19 Crisis: Need to pump up your cash flow? Here are ten job listing websites that focus on remote work.
The Big Freelance Skills Needed As Companies Rebuild After COVID 19: If you’re considering pivoting your business or offerings, check out this article where experts weigh in on what skills will be most in-demand after COVID-19.
Andi Smiles, small business financial consultant and coach, teaches rad business owners to take control of their finances so they can step into their personal power.
She’s helped hundreds of self-employed folx organize and understand their business finances, while also uncovering their emotional relationship with money. Andi’s core belief is that when business owners are engaged with their finances, their personal awareness around money deepens, creating more sustainable and authentic businesses. She loves helping business owners connect with and feel good about their finances- no matter how many dollars are in their bank account.