On March 27, 2020, the U.S. Congress passed the Coronavirus Aid, Relief, and Economic Security Act (known as the “CARES Act”) in response to the public health and economic emergency caused by the novel coronavirus.
The CARES Act contains important financial measures intended to help people in the United States, including those who work independently and offer care through platforms like Rover.
We can’t provide legal advice, but we’d like to offer some general information and links to resources that may help you and your business:
Direct Payments | Under the CARES Act, many adults will receive a one-time payment from the federal government. Eligibility and the exact amount of payment will vary based on income and other factors.
In general, most people with Social Security numbers who are U.S. residents and reported an adjusted gross income of $75,000 or less on their tax returns will receive a $1,200 payment. A taxpayer who files as head of household will receive $1,200 if they earned $112,500 or less, and married couples that earned $150,000 or less will receive a total of $2,400. For every qualifying child, the payment will increase by an additional $500.
For individuals and couples with higher incomes, the payment amount will decrease gradually until it stops for individuals earning $99,000 or more and married couples earning $198,000.
Other factors may affect your eligibility, including whether someone claims you as a dependent and whether you’ve filed tax returns recently.
Learn more about the economic impact payment program from the U.S. Internal Revenue Service.
Unemployment Assistance | The CARES Act expands eligibility for unemployment assistance to some self-employed individuals. If you’re unemployed, partially unemployed, or cannot work for a variety of coronavirus-related reasons, you may qualify for unemployment benefits. Benefit amounts and other requirements vary based on where you live and individual circumstances.
Learn more about unemployment benefit processes where you live.
Small Business Loans | The CARES Act established the Paycheck Protection Program to help small businesses in the United States by funding loans for payroll and other expenses. For this program, Congress allocated $349 billion to fund the loans, which are backed by the U.S. Small Business Administration. Many small businesses—including sole proprietors and other individuals working independently—are potentially eligible for a small business loan.
The CARES Act also expands eligibility for participation in the Small Business Administration’s Economic Injury Disaster Loan and Loan Advance Program to include sole proprietors and independent contractors. This program provides small businesses with loans and advances that can provide economic support to help overcome a temporary loss of revenue during disasters, including the current COVID-19 pandemic.
Learn more about small business loans and these programs from the Small Business Administration.