The Covid-19 pandemic has left many economies the world over in shambles. Small business owners, independent contractors, self-employed workers, and freelancers have been especially badly hit. With many businesses and people closing up shop and desperately seeking new employment, how do you keep food on your table?
Fortunately, the government has measures in place to help you out. Whatever your means, there is a scheme in place just for you. In this article, we’ll look at a few options open to you as a freelancer or self-employed individual.
A new bill signed by President Donald Trump is set to provide $2 trillion in aid to businesses and workers affected by the ongoing pandemic. Individual Americans earring less than or up to $75,000 get a $1,200 one-time payment, plus $500 for every child. People who earn more will be paid less, and those with incomes over $99,000 are deemed ineligible.
Couples who are planning on filing jointly will get $2,400 if their combined income is less than $150,000. Again, if your combined income is above $198,000, you are not eligible for this form of financial aid.
SBA Paycheck Protection
As of April 10, self-employed workers and independent contractors can avail themselves of this benefit. This loan carries an interest of only 1% and – here is the best part – you don’t have to pay it back!
The loan has a maturity rate of two years, you don’t need to provide collateral or other personal securities, and neither do you have to pay any fees. You can choose to pay back the loan, or you can wait until your loan is forgiven and turn it into an interest-free and non-taxable grant.
Freelancers Relief Fund
The Private and non-profit sector also offers a few schemes to help you stay afloat. Chief among them is the Freelancers Relief Fund. US freelancers affected by the pandemic are eligible to receive up to $1,000 per household to make up for the losses incurred and business losses.
In order to qualify, you must have suffered a loss of at least 50% of your income and provide your tax filings related to the loss of income. The grant will cover expenses not already paid by the government, i.e., rent, food, and utility payments.
Sometimes, all you need is a small amount of cash for the short term. Usually, you need it for two weeks to a month. Payday Loans at Payday Depot are called so because you can pay them back the next time you get paid. It is a quick and easy way to get your hands on some cash.
You don’t need to show assets, and the processing time is very short. But make sure that you have a fixed source of income coming in (pensions funds or allowances for welfare or disabilities may also be accepted) in order to pay it back.
If you are a self-employed worker or a freelancer, we hope this article gave you some hope. There is help out there. It is a trying time for all, and you’re not alone. Stay safe!