There are over 60 million freelancers, solopreneurs and side hustlers in the US today.
If you’re one of them, you’ve likely lost income because of COVID19 or are anxious about how your finances may change in the weeks and months ahead.
Having been freelancers, we get it. At Lance, we focus on the business management and financial needs of freelancers. There are now resources available at the federal and state levels to help you smooth out this time. Unfortunately, they’re often nearly impossible to find or understand. So, we decided to help in an immediate and tangible way.
Below is a breakdown of all the support and financial aid available to you today and notes about what’s likely to come. For every state, we’ve included relevant contact info for your government agencies, so you can get the help you need and help advocate for yourself and other local freelancers.
Finally, we’ve also outlined support provided by Lance to help keep you moving forward and additional resources with other financial options, marketing best practices, jobs development, and community support.
Let’s dive in.
Click your state to see the financial aid available to local freelancers ->
When things go haywire around us it’s can be reassuring to take stock of what we can control and do. Below are some steps you can take ASAP to gain more stable footing and start navigating the impacts of COVID19. It’s important to note that while there are already wait lists for some of this support, make sure to fill out the forms and make the calls now so you’re at the front of the line as resources and more offers become available.
We know this is a crazy time for everyone and we’re all searching for answers - and maybe just another smiling face and point of grounding. To that end, we’re hosting two types of virtual sessions regularly to help provide that very human - and sometimes humorous - type of support. We also have a group that's open for more regular Q&A. Feel free to join whatever you need.
Lance Happy Hours - Tuesdays and Wednesdays at 4pm PT/7pm ET, the CEO of Lance will host or co-host a happy hour to have a little time together and share a drink. We share the day's highs and lows and then Oona (or the co-host) will offer up a business tip or motivational thought to give us a shot of strength and keep us all moving forward. Come join us!
Weekly Lance Virtual Workshops - On a weekly basis, there’ll be an hour-long roll-up-your-sleeves workshop around different business and financial topics relevant to freelancers and solopreneurs, like shifting your businesses online, how to set your hourly or retainer rates, how to create and run a passive income stream, and more. With each session there’ll something to carry forward momentum in your everyday business growth.
Business Advice for Freelancers - Most of us now work across multiple industries and types of businesses, so this Facebook group is where solopreneurs of all different paths can come together with questions and for support. Enjoy daily conversations about business and financial best practices, accountability exercises, client marketing tips, and more.
The Coronavirus Aid, Relief and Economic Security (CARES) Act went into effect on March 27. The $2 trillion bill was designed to provide much-needed economic relief to individuals and businesses that have been negatively affected by COVID19, and to better support the healthcare system. Unfortunately, the roll-out has been anything but smooth. Loan programs were depleted within just days of opening, state unemployment websites are struggling to operate amid unprecedented claims volumes, and critical healthcare resources have already become scarce.
Here’s a breakdown of the three core components of the CARES Act, and the latest on each with the latest round of April’s refunding of the programs.
Paycheck Protection Program - In less than two weeks after opening, the Paycheck Protection Program (PPP) ran out of money. Eight days later, on April 24, President Trump signed a new $484 stimulus bill into law, which will provide $310 billion to revive the program.
Small Business Administration (SBA) Grants + Loans - The SBA is a federal agency that provides capital and other resources to small businesses in the U.S. Under the CARES Act, the SBA launched several COVID19 relief options, including the PPP, the Economic Injury Disaster Loans, SBA Express Bridge Loans, and SBA Debt Relief. However, like the PPP, the initial $10 billion Congress appropriated for Economic Injury Disaster Loans also ran out in mid-April. The program was meant to deliver a $10,000 advance to businesses in need, and provide loans of up to $2 million.
Under the latest stimulus bill, $60 billion will be used to fulfill EIDL requests. However, the SBA has issued a lapse of appropriations, meaning it is unable to accept new applications. Many banks that receive additional funding will use it to provide loans to applicants already in the pipeline before accepting new ones. If you need a loan but have not yet submitted an application, research participating lenders here to see if they are accepting new applicants or contact fintech companies, such as PayPal, Intuit, Square, and OnDeck.
Small businesses and sole proprietors are eligible to take advantage of a variety of Small Business Administration support. Below are the different types of loans and aid available today. This will likely change in the weeks and months to come, so keep an eye on this page and the SBA site too.
Economic Injury Disaster Loan Program - These potentially forgivable low-interest loans cover small business operating expenses for businesses, renters, and homeowners affected by declared disasters, including COVID19. Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). Click here to apply.
SBA Express Bridge Loans - If you already have a business relationship with an SBA Express Lender, you can now access up to $25,000 with less paperwork. These loans can help with the temporary loss of revenue through either a one-time loan or a loan to bridge the gap while applying for a SBA Economic Injury Disaster Loan. These can be repaid in full or in part by proceeds from the EIDL loan. Find an Express Bridge Loan Lender via SBA’s Lender Match Tool or by connecting with your local SBA District Office.
SBA Express Bridge Loans - If you already have a business relationship with an SBA Express Lender, you can now access up to $25,000 with less paperwork. These loans can help with the temporary loss of revenue through either a one-time loan or a loan to bridge the gap while applying for a SBA Economic Injury Disaster Loan. These can be repaid in full or in part by proceeds from the EIDL loan. Find an Express Bridge Loan Lender via SBA’s Lender Match Tool or by connecting with your local SBA District Office.
Lender Match - SBA has a free online referral tool that connects small businesses with participating SBA-approved lenders within 48 hours. The details below are brief, please visit the website if you want more info.
Again, this is info to help you navigate the standard unemployment and - where available, freelancer - support in your home state. As states start to update their resources and provide further instructions for claiming unemployment, we’ll update the info here as well.
Many states’ unemployment websites, phone lines, and offices are overwhelmed right now with requests. Our advice is to keep trying — they will get to everyone eventually!
All state requirements are listed in alphabetical order, so you can find the answers you need!
Individual Unemployment