In today’s episode of That Solo Life, we discuss the various financial resources available to solos and small businesses with the CARES Act, including the Paycheck Protection Program, EIDL, Bridge Express Loans, and other programs from the SBA, and the expansion of unemployment compensation to include the self-employed. Regarding the latter, if anything, we hope this may bring the government up to speed with recognition of impact of the self-employed on the U.S. economy. This is especially true for our fellow solos affected by situations like AB-5 in California, which blocks their ability to access this relief.
Even in the timespan from recording this episode (Wednesday, April 8, 2020) to its release (Monday, April 11, 2020), the availability of these relief programs has been in a state of flux. The EIDL was supposed to provide a grant of $10,000 to small business applicants and now perhaps only $1,000 per employee. We expect that as you read this, things will have changed yet again.
So, what’s a solo to do?
- Consult with this resource from MBO Partners – The CARES Act: What Independents Need to Know
- Consult with your accountant on the best options for your business.
- Let your state and federal representatives know what you’re experiencing and the changes that might benefit your business. Do what we PR pros do best – raise awareness and educate.
- Map out a plan for your current clients. Be proactive as the resource to guide them through this situation.
- Continue to work on business development. Yes, you can still get new clients even in this time.
Tell us your experience so far. Please share with us at soloprpro.com.