I Got Approved For The SBA Disaster Loan: What To Expect As A Freelance Writer
By Gary Aaron on The Capital
The coronavirus pandemic has changed the entire country in the blink of an eye. Jobs have disappeared overnight, a coin shortage caused the closing of mints has restricted most cash transactions, and the movement of citizens have been impaired by several stay at home orders and lockdowns. It’s been a rough and frustrating time for millions of American citizens. Thankfully there has been some level of relief for those impacted by the pandemic in the form of the CARES Act. The CARES Act is the bill responsible for giving Americans the $1200 stimulus payment to help ease economic pressure in the country. Included in the plan was extra funding for unemployment for those rendered jobless during the pandemic and an SBA loan designed for small businesses to survive in the crippled economy. Many people have already received their stimulus payment and millions of Americans have reaped the benefits of the extra unemployment payments. Yet many people do not realize the SBA loan is not solely for small businesses and I was in that segment of the population until a couple of days ago.
Freelancers, gig workers, and private contractors are also eligible for payment
I actually found this information for the first time while reading an article on Forbes by Richard Harroch. In the article (which is very informative I suggest you check it out below)
He not only explains that freelancers, gig workers, and private contractors are eligible for a payment he gives step by step instructions on how to file as well. This expanded criteria for eligibility opens the doors for thousands of people to become eligible for a payment. Freelance writers, Uber and Lyft Drivers, self-employed HVAC technicians and servicemen, and many more became eligible for $1,000 grant or $1,000. At the time of me making this article, the funding for grants has been depleted and they are no longer being offered however, those who apply can still receive a $1,000 loan with incredibly low interest. The only catch is that you would have to have been operating in that compacity before January 31, 2020.
My Experience
Even after reading the article, I was still skeptical so I continued to research. After finding multiple articles, videos, and even visiting the sba.gov website I realized not only was it true but I also qualified having been a freelance writer for the better part of two years. Finally convinced I went through with the application process. It only took around ten minutes or so for me to finish the application. After a few minutes, I received an email from disastercustomerservice@sba.com prompting me to create an SBA Economic Injury Disaster Loan Portal Account. This was simple and took probably less than a minute to do. Once inside the account, I was prompted to verify my identity by answering three questions specific to me. I had no idea how long the reviewing process would take. To be completely honest I didn’t expect to hear anything back immediately or to even get approved. Shockingly I received another email about ten minutes later from their customer service department. I was pleasantly surprised to see that I was approved for a $1,000 loan and all I needed to do was sign my closing documents! After verifying where I wanted my money sent one last time and electronically signing my documents I was done. Just to make sure there was nothing else to do I called the SBA customer service line. Once on the line, the agent confirmed that all I had to do was wait. Since the advance/grant was no longer available I would have to wait anywhere from a week to a month to receive my deposit but I was still thrilled knowing assistance would be on the way in due time.
My Advice
If you fall into the category of a freelancer, gig worker, private contractor, or are self-employed I highly recommend looking into this and filing. The criteria leave room for a plethora of occupations to apply for this loan. Even if you work a 9–5 job but you also do freelance work as well you should definitely research, call, and once you know for sure that you qualify to apply. I was able to file and get approved in under thirty minutes and while I am not sure if that is the norm for the process, it was easy to do and well worth looking into. As long as you are honest on the application and are prepared to keep track of how you spend the $1,000 they send if they ever ask you should do it. To my fellow writers if you need it its there and it can help exponentially in these times of financial uncertainty. Research, apply, and I pray it helps.
