How to Get Financial Help if You’re Self-Employed

Coronavirus times have put a strain on all aspects of the economy – but no greater is this strain apparent then on the self-employed. As a freelancer, independent contractor, or self-employed solopreneur, you may think that there are not a lot of financial options out there to help you and your business. It turns out, there are way more options for the self-employed than you might think.

Here are some of the best:

The Small Business Administration: If you’re a small business, there is a strong likelihood you’ve heard of the SBA’s Payroll Protection Program. Although the clunky PPP program hasn’t been a huge hit, the SBA offers much more than that. For example, if you already have a loan through the SBA 7(a), Community Advantage, 504, or microloan programs, you can qualify for payment relief for up to six month. Check out the SBA resources and financial assistance page here.

Payroll Protection Program: While the PPP was initially only available for small businesses with employees, the program has been expanded to include independent contractors and other self-employed individuals. Some available loans go up to $100,000. You can read more about the program here.

Unemployment: Although state unemployment offices are slow to respond to unemployment applications, the benefits available from unemployment might be too big to pass up. Due to Covid-19, 1099 contractors now qualify for government assistance. Learn more here.

Industry specific grants and programs: Several different industries have created a programs to help financially assist you during this time. They include: