We know these are challenging times — as a result of the COVID-19 pandemic, many self-employed and small business owners have lost their livelihood and experienced extreme economic hardships due to coronavirus (COVID-19).
A new report by the Freelancers Union reports that over 76 percent of freelancers have lost work as a result of coronavirus, with 91 percent of self-employed individuals expected to lose income as a result of the pandemic.
To connect our self-employed and small business owner community with much-needed immediate and long term financial relief, TurboTax has launched the TurboTax Self-Employed Coronavirus Relief Center.
The TurboTax Self-Employed Coronavirus Relief Center provides up to date information, tax advice, and tools to assist individuals in efficiently navigating the different coronavirus relief programs they might be eligible for and can be accessed within the TurboTax Blog free of charge.
- Coronavirus (COVID-19) Relief Programs: Information on the Paycheck Protection Program (PPP), Economic Injury Disaster Loans, and the recently passed Coronavirus Aid, Relief, and Economic Security Act (CARES Act) funding financial assistance for self-employed and small businesses experiencing economic hardships caused by coronavirus.
- Unemployment Benefits and Insurance: Eligibility for expanded unemployment benefits for self-employed individuals under the CARES Act.
- Tax Relief Credits: Information on relief provided under The Families First Coronavirus Response Act in the form of refundable tax credits for qualified sick leave and family leave for both eligible self-employed and small business owners.
- Tax Deadline Extensions: Information about several changes to the tax filing season made by the IRS in response to COVID-19, such as the extension of the federal tax filing deadline and the first and second quarter 2020 federal estimated income tax payments to July 15, 2020, in addition to the deferment of federal tax payments, interest-free and penalty-free, for 90 days, until July 15.
- Financial Management Tips: Tips to help affected individuals take control of their finances and make smart money decisions during and after COVID-19.
- Access financial tips provided by Certified Financial Planners (CFPs) and tax experts to stay on top of credit and free tools available.
- Tools, Calculators and Services: Access to free tools like Intuit Aid Assist that helps U.S. based businesses and self-employed (freelancers, solopreneurs, and gig workers) understand different federal and state business relief programs.
- Free tools such as calculators and estimators allow individuals to figure out the different tax credits they may be eligible for, and they can also connect live via one-way video to CPAs and EAs from the comfort of their home and get unlimited self-employed tax advice using TurboTax Live Self-Employed.
- Tax Tips and Other Popular Content: Useful self-employed tax tips and advice to help individuals uncover industry-specific tax deductions to get more money in their pocket and a better tax outcome.
TurboTax is here to keep you informed and help you file now from the comfort of your home. If you’re a small business owner or self-employed individual, our Self-Employed Coronavirus Relief Center can provide you with the information you need to better understand the COVID-19 relief available to you. Be sure to keep checking back here for the latest tax information and changes in response to coronavirus.