There has been a lot of talk about the PPP (Payment Protection Program), but I want to talk about the elephant in the room, as it can be uncomfortable to talk about: unemployment.
Traditionally self-employed, contract and gig workers don't pay into unemployment. Under the CARES Act though, these groups are eligible for Pandemic Unemployment Assistance (also true for nonprofits). Today the Texas Workforce Commission released guidance for these non-traditional groups: Applicants who are eligible will qualify for a base weekly benefit amount of $207, plus the additional $600 Federal Pandemic Unemployment Compensation (FPUC) payment per week (up to 4 months). They will be required to submit their 2019 IRS 1040 Schedule C, F, or SE. (If you don't live in TX, check your states' Workforce Commission for specifics).
If your income has been affected by COVID-19, either entirely or partially, this is an option for you to consider to help keep your business/home afloat during these crazy times. To see the full TWC guidance, click here: https://www.twc.texas.gov/news/unemployment-guidance-self-employed-contract-and-gig-workers You can do both the PPP loan AND unemployment, but you can not be collecting unemployment during the 8-week period you are using the PPP funds. To see my full synopsis of the CARES Act options for self-employed, contract and gig workers, click here: https://www.waggonerprofessionalservices.com/post/breakdown-of-options-available-to-consultants-speakers-during-covid-19