COVID-19 Resources

Many challenges come with a global pandemic. Not only is our health at risk, but our economy is also very vulnerable. Both will take a hit. Perhaps the hardest hit will be the hundreds of thousands of small businesses and self-employed Americans across the country. I am bracing for the financial hit since I, too, am a small-business owner. Researchers with Upwork, a website that connects contracted and self-employed individuals with credible jobs and resources, reported freelancers make up to about 35% of working Americans. These workers, according to Upwork, garner about $1 trillion in income. This shows their lack will have a considerable impact on our economy. These people will certainly need a net to catch them. Here are a few resources I have found and find value in sharing. Traditionally, self-employed individuals and contract employees are not eligible to apply for unemployment benefits provided by the federal government. A lot depends on where you live. Given our country’s extreme circumstances, people might not have to lose their job (having been quarantined or furloughed) to qualify and receive unemployment benefits. States set their own rules of eligibility, mainly determined by a percentage of a person’s income over the past year. Louisiana's payout benefits cover between 12 – 26 weeks. To find out if you are eligible for unemployment insurance in Louisiana, file a claim at http://www.louisianaworks.net/hire or call the Claim Center at (866)783-5567, 8:00AM-7:00PM. Additional emergency resources, provided from the government through Congress, will be a $2 trillion stimulus package, allocating money to all taxpayers. The package would also support many US corporations who allege they need financial assistance. The bill is working its way through negotiations and is hoped to be passed within the next few days. It has also been announced that some mortgage lenders, some creditors, and even tax filing deadlines have become more lenient given the circumstances. The United States Small Business Administration (SBA) is an agency that holds regional offices in each state, providing resources and support to entrepreneurs. SBA is working directly with state Governors to offer targeted, low to no-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The SBA’s website (sba.org) hosts an online application. The National Association of State Workforce Agencies (NASWA) is another agency that provides information and resources to self-employed individuals. NASWA’s website (https://www.naswa.org/resources/coronavirus) has info for each state.