How to Navigate Covid-19 as an Independent Contractor.

“Being self-employed isn’t a career choice. It’s a lifestyle choice…if you don’t build your dreams, someone will hire you to help build theirs.”

Are you an independent contractor seeking a relief loan due to Covid-19? Now is the time for those who are self-employed to apply for support during the Coronavirus crisis. While many small businesses have been applying for the Payment Protection Program (PPP), last week additional opportunities opened up for those who are self-employed and independent contractors. PPP loans are now available for 1099 independent contractors.

Exactly a week after small businesses were able to apply for Covid-19 financial support, on April 10th the forgivable loan applications opened up for independent contractors. To apply, it is recommended to organize 2019 tax documents as soon as possible. Banks may request certain information based on your 2019 tax return and this documentation will be used as a tool to support eligibility.

Here are the recommended documents to have ready at hand for 1099 workers:

  • Reports and 2019 Documentation
  • 1099-MISC
  • Government Issued Identification

Interested in learning more? Ella Rivkin is right here to guide you through this uncertain time and keep you updated as we continue through this together. She will walk you through every stage of the process and will share the most up to date, valuable knowledge and solutions at hand. If you have any questions or want to learn more about the current situation, Contact Ella today at (347) 462-2778 and you can set up a time to speak with one of our financial experts.

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ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.

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