Currently, there are over 1 million independent lifestyle professional in the United States representing an estimated $50 billion in revenue a YEAR! I believe there is a forgotten community of professionals that I call “The Business of One”. I am referring to anyone in the Beauty, Health, Wellness and Appearance Industry. Hairstylists, barbers, tattoo artists, massage therapists, estheticians, nail techs, brow artists, personal trainers, and so many others that are too many to name! If you are self-employed, then this message is for you! By now I’m sure you have received dozens of emails and other forms of communication regarding COVID-19 Relief Plans available through the government. If you are finding it too difficult to navigate, I have assembled a few options listed below that you should consider immediately. It is NOT intended to cover ALL programs that might be available to you since updates and additional phases under the COVID-19 Relief Program remain fluid and subject to change weekly if not daily.

UNEMPLOYMENT CLAIMS: Under the COVID-19 RELIEF PROGRAM, self-employed and independent contractors may qualify for unemployment benefits. Since most LIFESTYLE PROFESSIONALS are self-employed and/or are independent contractors they should apply for benefits through their state unemployment offices. Please click HERE for a state-by-state list of all the unemployment offices throughout the country. If you are denied coverage please send a note with your details to GinaRivera@BusinessofOne.org. The Business of One is a movement intended to bring greater attention to the self-employed/independent contractor (LIFESTYLE PROFESSIONAL) for protection under the current relief program.

ECONOMIC INJURY DISASTER LOAN PROGRAM (EIDL). In response to the Coronavirus (COVID-19) pandemic, small business owners (including sole proprietors and independent contractors) in all U.S. states are eligible to apply for an EIDL advance of up to $10,000. In addition, The EIDL program provides small businesses (including sole proprietors and independent contractors) with working capital loans of up to $2 million that can provide vital economic support to help overcome the temporary loss of revenue. Please click HERE to complete your application today! As sole proprietors, independent contractors and/or LLC’s, we are encouraging all LIFESTYLE PROFESSIONALS to apply for relief under this program as well. If you are denied access please send a note with your details to GinaRivera@BusinessofOne.org. Your story will help us challenge the system to secure greater support for our LIFESTYLE PROFESSIONALS.

PAYCHECK PROTECTION PROGRAM (PPP): The Paycheck Protection Program (PPP) authorized by the CARES Act makes loans of up to $10 million available to certain qualified small businesses (including sole proprietors and independent contractors) based on payroll (net profit for sole proprietors). Be advised, it is important to note that you cannot receive both unemployment benefits and a PPP loan at the same time. You should consider the payout of each program to determine which is the best fit for you. For sole proprietors, your salary should be determined by your net profit for calculation purposes. Sole proprietors who report income and pay taxes on a Schedule C in your personal tax return will most likely need to supply such documentation during the application process to determine loan size and eligibility. If you were operational in 2019 and filed your 2019 taxes, this will be reported on line 31 of your Schedule C. In the event you have not filed 2019 taxes, please check with your lender for instructions. The lender will want to see all documents related to any wage, commission, income or net earnings from self-employment that you have received. All self-employed individuals will need to submit 2019 payroll tax filings report to the IRS. Keep in mind, guidance from the federal government is changing daily so these instructions are not intended to be a complete list of requirements and can be subject to change at the government’s discretion. In the event you qualify, the amount of the loan would be based on the formula of 2.5x your average monthly payroll (most likely net income for sole proprietors). For further information on PPP please click the link: https://home.treasury.gov/cares or click HERE for the PPP-Fact Sheet. In order to apply for PPP, please contact your existing bank for guidance or visit www.sba.gov for a list of SBA lenders near you. If you are denied access please send  a note with your details to GinaRivera@BusinessofOne.org. Again, it is critical for your story to be told so the Business of One can build the momentum necessary to bring greater awareness to the challenges faced by the LIFESTYLE PROFESSIONALS.

Gina Rivera
Founder
Business of One
www.busineofone.org