The Society of Professional Consultants

Helping Solo Professionals Develop and Grow Their Businesses and Effectively Serve Their Clients

Financial Assistance Programs

This information was last updated on April 22, 2020
Summary compiled by Robin Hamilton

Financial Resources for the Self-Employed

    • Economic Injury Disaster Loan Emergency Advance
    • Paycheck Protection Program
    • Unemployment benefits

Resources you will need:

    • Authorized SBA lending bank
    • Certified Public Accountant

Economic Injury Disaster Loan Emergency Advance (EIDL)

New funding needed for this program as of April 22, 2020

  • $10,000 advance
  • Business experiencing a temporary loss of revenue due to disaster
  • Other SBA loans available

More information available on the SBA Web site at:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

Paycheck Protection Program (PPP)

New funding approved on April 22, 2020

You can apply for the loan through your bank or the SBA

    • Payroll costs including 401K, medical insurance
    • Office rent or mortgage interest
    • Utilities

Payment and forgiveness

    • Payments deferred for 6 months
    • 2-year loan with an interest rate of 1%
    • Forgiveness requires 75% of loan be used for payroll
    • Apply through SBA approved lender or online at SBA.gov
More information on the program at:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

Unemployment Benefits for the Self-Employed

  •  Follow us on LinkedIn
  •  Follow us on Twitter
© 2014-2020 All Rights Reserved - The Society of Professional Consultants
PO Box 1156, Westford, MA 01886 | contact@spconsultants.org | 978-496-8653
Powered by Wild Apricot Membership Software