Ind. Contractors and Self-Employed Now Eligible for Payroll Loans/Grants
Mike Seals - April 10, 2020 11:26 am
Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses.
- Potential 100% loan forgiveness for 8 weeks of qualified loan uses.
- Fixed low interest rate at 1.00%
- No collateral required
- 2-year terms
Who Can Apply
Independent contractors receiving 1099-MISC forms and self-employed individuals are eligible to apply for these potentially 100% forgivable loans beginning on April 10, 2020.
The requirements are straightforward. You must have been in operation on February 15, 2020, your business must have been harmed by the COVID-19 pandemic, and you must submit the required documentation along with your loan application.
For additional resources and information for Oklahoma businesses affected by Coronavirus, visit our COVID-19 resources page
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