IRS Details Resources For Independent Contractors
The Internal Revenue Service (IRS) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act provide the following resources for independent contractors to help them cover their financial needs during the public health emergency.
The CARES Act provides independent contractors, self-employed individuals, and gig-economy workers with access to unemployment benefits. Income verification procedures for independent contractors have yet to be released. Our office is monitoring these updates so please check back frequently for more details. For more information, click here.
Direct Cash Payments
The CARES Act also directs the Department of the Treasury to make a one-time direct payment to individuals to help them recover from the economic impact of the COVID-19 pandemic. For more information, click here.
Small Business Assistance
Relief is also available for small businesses that have trouble covering payroll and operating expenses because of the COVID-19 pandemic. The new law creates a Small Business Administration (SBA) loan program, called the “Paycheck Protection Program” (PPP), that expands benefits and eligibility for SBA disaster loans, covers payments on existing SBA loans, and creates new tax credits to help cover the cost of paid leave and payroll. For more information, click here.
Tax Relief for Individuals
The IRS and the CARES Act are providing several categories of tax relief for individuals to help them cover their financial needs during this time. For more information, click here.