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Lafayette, LA 70506
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Programs for Independent Contractors, Self Employed and Sole Proprietors

Applying for Unemployment Insurance Benefits
Self-employed, independent contractors, 1099, and gig workers are eligible to receive Federal Pandemic Unemployment Compensation as outlined by the CARES Act. Get details here.

Please consult with your banking, accounting, legal or tax professional to determine how these programs may impact you. Information is subject to change as rules are developed and finalized.

SBA Coronavirus Relief Options
In addition to traditional SBA funding programs, the CARES act established several new temporary programs to address the COVID-19 outbreak.

  • Paycheck Protection Program
  • EIDL Loan Advance
  • SBA Express Bridge Loans
  • SBA Debt Relief
Which program might be best for your business? View a comparison here.
 

Paycheck Protection Program

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted on March 27, 2020, includes a key provisionthe Paycheck Protection Programthat expands the U.S. Small Business Administration’s (SBA) existing 7(a) loan program. The program provides $349 billion for small businesses to cover near-term operating expenses and keep their employees.

Sole proprietors, independent contractors, gig economy workers, and self-employed individuals are all eligible for the Paycheck Protection Program. Applications will be accepted beginning April 10 through a commercial lender.

Small business applicants can apply for Economic Injury Disaster Loans and the Paycheck Protection Program if there are different uses of proceeds for each loan. Funds from the loans cannot be co-mingled.


SBA Economic Injury Disaster Loan

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for each affected small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Apply online  |  Check the status of your loan application by calling 1-800-659-2955. 

 

Do you need assistance with your loan application?
LSBDC at University of Louisiana at Lafayette |  (337) 482-6312  |  [email protected]

SBA Economic Injury Disaster Loan Basics (3/24/20)

 


Questions?

Do you have questions or something to add? Email us.