{"id":22270,"date":"2020-04-07T11:14:33","date_gmt":"2020-04-07T16:14:33","guid":{"rendered":"https:\/\/www.gigsalad.com\/blog\/?p=22270"},"modified":"2025-03-14T15:25:24","modified_gmt":"2025-03-14T20:25:24","slug":"economic-resources-for-gig-workers-affected-by-covid-19","status":"publish","type":"post","link":"https:\/\/www.gigsalad.com\/blog\/economic-resources-for-gig-workers-affected-by-covid-19\/","title":{"rendered":"Economic Resources for Gig Workers Affected by COVID-19"},"content":{"rendered":"

Last updated on March 14, 2025<\/p>
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Gig workers around the world have seen their livelihoods upset with event cancellations, social distancing requirements, and other restrictions placed on our society. With the recent announcement of a $2 trillion assistance and relief bill, known as the CARES Act law, many small business owners, freelancers, and other members of the gig economy are looking to understand how the aid will benefit them.<\/p>\n\n\n\n

As you are planning your own budget for the next few weeks and months, make sure you investigate all the options available to you.<\/p>\n\n\n\n

Economic Impact Payment<\/h2>\n\n\n\n

This is probably the most straightforward way of receiving assistance, although the timeframe is still a bit shaky. At the time of publishing, the Washington Post reports<\/a> that payouts may begin as early as April 9, 2020. The IRS will be depositing payments using direct deposit information or by check, depending on your 2018 or 2019 taxes. <\/p>\n\n\n\n

If you haven’t filed your taxes for 2019 yet, the IRS advises that you do it as soon as possible so they have the most correct information on file. You can file now for free with TurboTax<\/a>. (Find your GigSalad payouts by clicking on Inbox > Payouts, and your billing history by clicking on Account > Billing History.) <\/p>\n\n\n\n

According to the IRS, individuals with adjusted gross incomes up to $75,000 a year will be eligible for the full $1,200 check. Reduced checks will go out to individuals making up to $99,000 a year (the payment amount falls by $5 for every $100 in income above $75,000).<\/p>\n\n\n\n

Married couples are eligible for a $2,400 check as long as their adjusted gross income is under $150,000 a year. Reduced checks, on a sliding scale, will go out to married couples who earn up to $198,000. Each household will also receive an additional $500 for every child under 17.<\/p>\n\n\n\n

Learn more about payout status and other questions here<\/a>. <\/p>\n\n\n\n

Expansion of Unemployment Benefits<\/h2>\n\n\n\n

If you are a freelancer or self-employed, the greatest help to you is the expansion of unemployment benefits if you are unable to work. <\/p>\n\n\n\n

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The CARES Act offers freelancers an additional $600 a week in unemployment insurance, bringing weekly payouts to the $800 to $900-a-week range when state benefits are added, to workers including the self-employed, for up to four months.<\/p>\n<\/blockquote>\n\n\n\n

Please check your state’s requirements and limitations to determine your eligibility. Visit the U.S. Department of Labor’s site<\/a> to get started. <\/p>\n\n\n\n

Small Business Loans<\/h2>\n\n\n\n

If you are a small business or proprietorship, you may have even greater resources. It is important to note that these options do not necessarily combine with each other. Make sure to consult with a loan officer or small business attorney to determine which program is best for you.<\/p>\n\n\n\n

Paycheck Protection Program<\/h3>\n\n\n\n

This option was delayed a bit for freelancers and those who are self-employed, but you can begin your application starting April 10, 2020. <\/p>\n\n\n\n

Marketwatch<\/a> outlines this program as a $350 billion forgivable loan program designed to ensure that small businesses do not lay off employees. It includes:<\/p>\n\n\n\n