UPDATE: We apologize but our CPA had to postpone this talk tonight. We’ll host it at a later date as soon as possible.
If you own a small business, are a sole proprietor or a freelancer trying to figure out the loans and unemployment benefits available to you, join us tonight, April 2, at 6:15pm for an Instagram live conversation at @brooklynbased with our accountant Steven Zelin (zelincpa.com) BYOB!
Topics we’ll try to cover and resources you can consult:
The Paycheck Protection Program [PPP]: Offered by business lenders, everyone from small business owners to sole proprietors and freelancers could apply online through their banks as early at Friday, April 3 for these loans. They are meant to cover 8 weeks of payroll costs, which for the first time include payments to independent contractors and not just employees. This is a guide from Chase about what else it covers and this is the official PPP guide from the SBA.
The Economic Injury Disaster Loan [EIDL]: This loan is available through the federal Small Business Administration and is also open to both traditional small businesses and sole proprietors. You can apply online for an immediate $10,000 advance which, if approved, could arrive in your bank account within three days.
Unemployment Benefits for Freelancers: For the first time freelancers and gig workers can apply for unemployment, but who has actually been able to file a claim through the New York Dept. of Labor site? A Freelancers Union guide to the CARES Act also helps explain who is eligible.
Tax implications for unemployment benefits and small business loans.
Applying to all of the above: Is that possible or advisable?