If you’re not traditionally employed as a business owner or are self-employed, then the other great option from The CARES Act is The Payment Protection Program, or PPP for short. If you’re not familiar, this is a forgivable loan for business owners that can alleviate primarily payroll costs and other business expenses as well. Here’s how it works:
The loan is maxed out at $100,000. To calculate your eligibility an approved SBA lender will calculate from your tax return a monthly average income, then multiply it by 2.5x. That amount will be stretched over two months, which as long as you pay predominantly towards payroll, will be forgiven. The Treasury Department does note that other expenses like rent and utilities might only be partially covered, which you can read more about in their letter here.
With businesses having to adapt to not having employees come in the office, many are starting to establish more remote operations. This has led to a lot of positions opening up for remote work, primarily in fields like administrative skills, customer service, and content. Depending on what type of skillsets you might have, there could be an opportunity for you. Check around on some remote working sites such as We Work Remotely, NoDesk, Remote Ok, Remotive, or Remote.co for a few different options, as well as a major Fortune500 employer like CapitalOne that could be suited for your career. Who knows? You might love the change of pace even after the Coronavirus situation has settled.