The U.S. Chamber today released a new guide to help independent contractors and self-employed individuals secure funding under the CARES Act.
The guide will assist millions of independent contractors, including accountants, construction workers, musicians, real-estate agents, freelance writers, and gig workers. It provides step-by-step assistance to help people understand eligibility requirements, borrowing limits, and appropriate use of funds under the Paycheck Protection Program and Economic Injury Disaster Loans. It also outlines the steps required to apply for Unemployment Compensation under a special program created by the CARES Act.
As of 2016, nearly 23 million Americans earn wages as independent contractors working either part or full-time. Less than 2 million (8.6%) earn wages as part of the on-demand economy.
To help illustrate the depth and breadth of the nation’s independent workforce, the Chamber posted data visualizations on a state-by-state and industry basis. The interactive map shows 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 in addition to the top 20 industries for independent contractors.