In the past, Uncle Sam made no special effort to help you as a self-employed individual. For example, you had no “safety net” that existed for employees who lost their jobs during the COVID-19 Pandemic. You were just supposed to "Hang On" until things got better.
But this time, with COVID-19, it’s different...
If you report your business income as Self-Employed on Schedule C of your Form 1040 or any of the following:
Receive 1099 income
Operate your business as a single-member LLC and did not elect corporate status
Operate a retail establishment or professional practice as a sole proprietor, or
Report your W-2 income on a ...
In an effort to stave off economic devastation caused by the COVID-19 pandemic, billions of dollars in grants are being handed out to individuals and businesses by the federal government. State and local governments are participating as well.