What Is a 1099-C Cancellation of Debt Form and How Does it Impact Your Taxes?

NOTE: Due to the COVID-19 coronavirus pandemic, the IRS has extended the federal tax filing and payment deadline to July 15, 2020. The recent relief package passed by Congress may have additional tax implications. Please contact a tax adviser for information you may need to complete your taxes this year. Learn More. Note: This article is… Read More

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How Much Does a Charge Off Affect Your Credit Score?

Because 35% of your credit score relates to paying your debts in a timely manner, becoming so late on payments that the account is charged off can have a significant negative impact on your score. It also looks bad to future creditors because it indicates you might not pay all your bills. Find out more… Read More

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Why It’s the Year of the Side Hustle

Side hustles have always been a good way to earn more money and better your finances. With so many people in debt while wages have fallen flat, they’ve become especially popular over the past decade. Now, with the coronavirus pandemic, we’ve seen them shoot ahead in popularity even further.  According to a recent survey by […]

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Effective tax rates in the United States

I messed up! Despite trying to make this article as fact-based as possible, I botched it. I’ve made corrections but if you read the comments, early responses may be confusing in light of my changes.

For the most part, the world of personal finance is calm and collected. There’s not a lot of bickering. Writers (and readers) agree on most concepts and most solutions. And when we do disagree, it’s generally because we’re coming from different places.

Take getting out of debt, for instance. This is one of those topics where people do disagree — but they disagree politely.

How Long Does It Take To Buy A House?

How long does it take to buy a house? The answer is: it depends. You can buy a house in a matter of weeks or it can take you anywhere from 4 to 6 months. The question is how ready are you? It can take a long time, and that’s just learning about various mortgage …

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How to Qualify for the Coronavirus Economic Relief Package

The coronavirus economic relief package for workers and small businesses can be confusing. Who qualifies for what programs? How do you apply successfully?

If you’ve been laid off or had your work hours cut due to the pandemic, you're eligible for both state and federal unemployment compensation. That’s a pretty straightforward situation.

If you run a business that’s been hurt by the economic downturn and you have employees, you qualify for the Paycheck Protection Program (PPP). It’s a loan backed by the Small Business Administration (SBA) that offers relief if you want to continue paying your employees, even if they can’t do their jobs during the health crisis. If you use PPP funds for approved business expenses, such as payroll, rent, and utilities, you don’t have to repay the loan.

Additionally, there are other types of loans you can get through the SBA, such as the Economic Injury Disaster Loan (EIDL). It comes with potentially higher loan amounts than the PPP but must be repaid. You may also qualify for an Economic Injury Disaster Grant (EIDG), which pays businesses $1,000 per employee, up to a $10,000 maximum, and doesn’t have to be repaid.

Whether you call yourself a full or part-time freelancer, gig worker, or an independent contractor, you’re still a small business. If you’ve suffered financially due to the pandemic, you have several options to get relief.

But what’s been unclear are the options for the self-employed who have no employees except themselves. Whether you call yourself a full or part-time freelancer, gig worker, or an independent contractor, you’re still a small business. If you’ve suffered financially due to the pandemic, you have several options to get relief.

I interviewed Gerri Detweiler, a nationally recognized financing and credit expert with more than 20 years of experience. She’s the Education Director for Nav, a trusted financing partner for more than 1.2 million businesses. Gerri gives Nav’s customers certainty in an uncertain world through expertise and actionable advice. 

On the Money Girl podcast, Gerri and I cut through the confusion to help businesses of any size, including solopreneurs, understand how to get economic relief during the coronavirus crisis. We cover a variety of topics, including:

  • Understanding the coronavirus relief options for businesses, the self-employed, and the unemployed
  • Whether a solopreneur should file for unemployment or the PPP
  • Documents you need to prepare before applying for an SBA-backed loan
  • How business credit is different from consumer credit
  • Common mistakes that keep businesses and the self-employed from qualifying for economic relief
  • Tips to make sure a PPP loan you receive will be forgiven
  • How consumers who are struggling to pay bills can protect themselves from debt collectors

Listen to the interview using the embedded audio player or on Apple PodcastsSoundCloudStitcher, and Spotify.

If you’re a struggling entrepreneur, check out these resources to understand your options:

11 Options If Your Small Business Can’t Pay Its Bills Due to Coronavirus

Applying for a Business Loan Is Changing Due to COVID-19: Here’s What It Means

How to Apply for a Payroll Protection Program (PPP) Loan