The coronavirus pandemic has cost a record number of Americans their jobs as much of the economy shut down in mid-March. Even as some states start to reopen, many businesses will remain closed or operate in a reduced capacity, meaning millions of workers will remain unemployed.
According to Census Bureau data, there are over 15 million self-employed workers in the U.S., making up about 9.7% of the nation’s workforce. Self-employed workers are especially vulnerable during economic downturns since they do not have the same type of job protections as other workers.
The CARES Act provides emergency government aid to workers affected by the pandemic, including the self-employed, who might normally fall through the social safety net. But these funds have been difficult to secure and can have long wait times. Furthermore, confusing messaging around the loans leave many self-employed workers unsure about what the funds can be used for.
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