Last updated: April 27, 2020
Self-employed workers and their employees represent more than a third of the working population in the United States. But many of them don’t have access to the same benefits and provisions employees and small businesses receive. Without unemployment pay and sick time, self-employed workers are among those facing the most financial hardship due to the coronavirus.
The president signed the Coronavirus Economic Aid, Relief, and Security (CARES) Act into law on March 27. If you’re self-employed, you may be wondering how it can help you.
The $2 trillion stimulus package includes provisions for self-employed workers. And the aid can’t come soon enough. Self-employed workers have lost thousands of dollars in revenue because of COVID-19, according to the Freelancers Union. And they stand to lose thousands more as their customers continue to cut back on goods and services. Some self-employed workers have already closed their doors due to coronavirus precautions.
If you’re one of them, you might be wondering how you’re going to get through the next few months without your regular income. There are several financial assistance measures, including the CARES Act, that you can use to mitigate losses.