The U.S. Chamber of Commerce released a new guide to help independent contractors and self-employed individuals secure funding under the CARES Act. The guide for independent contractors and self-employed individuals is available at uschamber.com/ICguide. The Spanish version of the guide can be found at uschamber.com/ICGuideESP
Paycheck Protection Act Funding
Beginning on April 7, independent contractors receiving 1099-MISC forms and self-employed individuals were eligible to apply for the Paycheck Protection Program loan as part of the $2 trillion CARES Act. While these loans are potentially 100% forgivable, loan commitments have reportedly reached the maximum total of $349 billion available in the Paycheck Protection Program. Earlier today, the Chamber urged congressional leaders to restore this needed CARES Act funding.
According to IRS data from 2016, nearly 23 million Americans earn wages as independent contractors working either part or full-time.
This interactive map illustrates the depth and breadth of the nation’s independent workforce, showing both the number of independent contractors in each state and the number of independent contractors in each state that work through online or app-enabled platforms.