7 Resources for 1099 Contractors During Coronavirus Pandemic

COVID-19 is having an impact on all areas of the economy. From large businesses to smaller restaurants, everyone is having to adjust to a new normal in business activity. Freelancers and other 1099 contractors are no different. With several foundations, corporate relief funds and other financial programs emerging from a variety of industries, it’s not clear how freelance workers are being supported during this time.

Here is a list of seven resources for freelancers struggling through the COVID-19 pandemic, including a list of industry-specific grants and funds worth applying for as a freelancer, self-employed worker or independent contractor.

Expanded unemployment benefits

Due to COVID-19, independent contractors can qualify for unemployment payments from the government. In the past, this service was not available to freelancers and 1099 contractors. By following the steps specific to your state, you can qualify for relief and potentially a $600 weekly increase during this time. While this may be a long process to apply, it can help greatly once you’re approved. Be sure to stay up to date with your application and have an understanding of how your state’s unemployment relief is changing due to the virus.

The Small Business Administration

The SBA has announced extensive programs to help struggling small businesses during the coronavirus pandemic. While freelancers and other 1099 workers work on a contract basis, if you’ve established a business entity in your name, you may be able to qualify for a loan. In New York City alone, for example, loans with no interest are being offered to all businesses with less than 100 employees. Look into disaster relief loans and other financial assistance available in your state.

SBA debt relief

If you already have a loan through the SBA 7(a), Community Advantage, 504, and microloan programs, you can qualify for payment relief for up to six months. Again, while this isn’t a program specifically designed for freelancers, it can benefit those that have created business entities and are in debt with SBA.

Depending on the industry you work within, there may be a grant or relief fund you can apply for.

Industry-specific grants and relief funds

Depending on the industry you work within, there may be a grant or relief fund you can apply for. Below is a list of options you want to consider based on your industry. The industries include comedy, writing, contemporary arts and other creative freelance industries.

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