Your HR & People Operations Questions, AnsweredI am a new, small business and independent contractor, can I still qualify for an SBA loan?
HR Questions>I am a new, small business and independent contractor, can I still qualify for an SBA loan?

I am a new, small business and independent contractor, can I still qualify for an SBA loan?

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Tracy asked 2 years ago

1 Answer
Andrea replied 2 years ago
Independent contractors and self-employed individuals are eligible to apply for Small Business Administration loans under the Payroll Protection Program and the Economic Injury Disaster Loan program.

The U.S. Chamber of Commerce has provided this informative guide about each option: https://www.uschamber.com/report/independent-contractors-guide-cares-act-relief

Unfortunately, because the programs rolled out so quickly there’s a lot of ambiguity over the language of the program. We put together this article that shows how you can document income as an independent contractor to apply for a loan:

https://www.zenefits.com/workest/how-independent-contractors-can-document-income-for-ppp-loans/

Also note, independent contractors and self-employed individuals can receive unemployment benefits under the CARES Act. You can read more information about how to access that program here:

https://www.zenefits.com/workest/how-self-employed-people-can-access-unemployment-benefits/

Tracy replied 2 years ago

Thank you for your help Andrea!

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