But youve also probably found by now that actually getting that assistance can be incredibly complicated.
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
Salaries used to calculate payroll are capped at $100,000.
(More on that shortly.)
It wont even count as taxable income.
How Much Can Freelancers Borrow With a Paycheck Protection Loan?
If youre a freelancer, your payroll cost is essentially the money you earn as an independent contractor.
The issue is going to be that a lot of freelancers dont keep books and records, Paldini said.
The banks are going to need some sort of verification based on your tax returns.
Banks have been so overwhelmed that even local banks are prioritizing customers who already have an account with them.
you could see if your bank is an eligible lender usingthis search toolon the SBAs website.
Try a community bank or an online lender instead.
Its especially complicated since unemployment rules vary by state.
Paladini suggests caution on applying for a PPP loan if youre a freelancer whos receiving unemployment benefits.
Example: Youre a freelance photographer with a small home studio.
Another point of clarification is health insurance.
The law allows group health insurance to count as part of payroll costs.
But how would that apply to freelancers?
Of course, as a freelancer, you might have individual health insurance, Paladini said.
Can you use the money for that?
Yes, thats my guess, but we really dont know at this point.
Still, youve probably heard about how important it is to apply ASAP for PPP loans.
But Paladini believes its highly likely that Congress will approve more funding.
So he thinks freelancers are better off waiting to take out a loan until the IRS gives more guidance.
Without that, youre just guessing about how this is going to apply, he said.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
