I am a self employed remodeling contactor with no employees, is there any compensation for me in the stimulus bill?
2 replies
Apr 1, 2020
The CARES Act provides a lot of relief that can be utilized by those in the construction industry. It specifically makes SBA loans widely available for small construction businesses - including sole proprietorships. Plus, the individual benefits - including the one-time check - and deferred taxes should help things some, too. So, just because you don't have a larger company doesn't mean you won't be able to benefit from this stimulus package.
Importantly, this includes the availability of a $10,000 emergency cash advance which can provide some immediate help. Plus, if spent in line with the guidelines, then the advance can be forgiven. This article from Forbes does a deep dive into the emergency grants: Getting Cash For Your Small Business Through The CARES Act.
For a deep dive into how this stimulus package will affect construction businesses across the US, here's a great article: What’s in the $2 Trillion Coronavirus Stimulus Bill For Construction Businesses & Their Workers? Additionally, for staying up to date with coronavirus and the ability to work, this tracker will be useful: Can I do Construction Work In my State?
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Apr 2, 2020
Thank you Matthew, your response is greatly appreciated and has helped me cut through all the wasted time and hours searching for a reasonable answer.
Thanks again.
Ron