Covid Response Centre

The Perfect Guide For Access To Capital for Creators


As many of the creators within our network operate as freelancers, small businesses, and consultants; we wanted to provide some resources to help you find the capital you need to help you stay afloat during these uncertain times.

United States of America

Cares Act

The Coronavirus, Aid, Relief and Economic Security Act, also known as the CARES act is a $2.2 trillion federal program that provides economic relief. This act’s major provision is the $350 billion Paycheck Protection Program (PPP) designed to provide loans to small businesses affected by COVID-19.

Paycheck Protection program

The main incentive of this program is to help businesses keep their employees on the payroll, which includes employee benefits such as paid sick leave.

The funding provided through this loan is forgivable under the following conditions:

  1. Most of the loan (75%) should be used for payroll costs and the rest can be used to pay rent, interest on mortgages, and utilities (electricity, water, gas, transportation, phone, or internet).
  2. After receiving the loan, employees will need to be paid for an 8-week period.
  3. Forgiveness will be based on the employer maintaining or quickly rehiring employees and maintaining salary levels post COVID-19.

How much can I borrow?

Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation.

What counts as Payroll?

Payroll costs include:

  • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);  
  • Employee benefits including costs for vacation, parental, family, medical, or sick leave;
  • An allowance for separation or dismissal;
  • Payments required for the provisions of group health care benefits including insurance premiums;
  • Payment of any retirement benefit;  
  • State and local taxes assessed on compensation;
  • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

What is not considered as Payroll?

  • Compensation of an individual employee in excess of an annual salary of $100,000, as prorated for the period February 15, to June 30, 2020;
  • Payroll taxes, railroad retirement taxes, and income taxes;
  • Any compensation of an employee whose principal place of residence is outside of the United States;
  • Qualified sick leave wages for which a credit is allowed under section 7001 of the  Families First Coronavirus Response Act (Public Law 116–5 127); or qualified family leave  wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act.

How can I calculate my average monthly payroll costs?

Payroll costs= Sum of included payroll costs - Sum of excluded payroll costs

How can I request loan forgiveness?

You can submit a request to the lender that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender must make a decision on forgiveness within 60 days.

What if my loan is not forgiven?

If you are unable to comply with the 3 requirements that are needed for loan forgiveness, then after 6 months since the loan is granted, you will accrue a fixed interest rate of 1%. Your loan will be due in 2 years’ time.

Who is Eligible?

  • A small business with fewer than 500 employees
  • A small business that otherwise meets the SBA’s size standard
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who operates as an independent contractor
  • An individual who is self-employed who regularly carries on any
  • trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard
  • A business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location is also eligible.

When can I apply?

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. The Paycheck Protection Program will be available through June 30, 2020.

We encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.

How can I apply?

The PPP is administered by the Small Business Administration (SBA). Businesses that have been affected by the virus can apply to the Small Business Administration to get a loan. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program

To find eligible SBA lenders, click here.

What do I need to have a successful application?

First of all, you need to fill up this application form  (last updated 4/2/20). In addition to this form, you need to have some of the following available and ready for your bank to review:

  • Payroll expense verification documents;
  • IRS forms 940 and 941;
  • Payroll summary report with corresponding bank statements;
  • Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.);
  • Certification that all employees live within the United States;
  • Trailing twelve-month profit and loss statement (as of the date of application) for all applicants.

Economic Injury Disaster Loan Emergency Fund

Small business owners in all US states are eligible to apply for this fund.

How much can I loan?

This fund can provide up to $10,000 of economic relief to businesses experiencing temporary difficulties, such as loss of revenue. This loan does not require to be paid back. The funds will be available upon a successful application.

Who is Eligible?

This program is for:

  • Any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons);
  • Private non-profit organization;
  • 501(c)(19) veterans organizations.
  • Businesses in certain industries with more than 500 employees may be eligible if they meet the SBA’s size standards for those industries.

How can I apply?

To apply for this fund, you need to fill-up the form here, which requires you to confirm your eligibility, provide business information, business owner(s) information, and some other additional information. The information will be used in determining whether the applicant is eligible for an economic injury loan. If you do not submit all the information requested, your loan cannot be fully processed.

The estimated time for completing this entire application is two hours and ten minutes, although you may not need to complete all parts.

When will I receive the funds?

The Economic Injury Disaster Loan advance funds will be made available within days of a successful application.

Pandemic Unemployment Assistance (PUA) Program

The PUA program is part of the CARES Act. The Act expands states' ability to provide unemployment insurance to many workers affected by COVID-19, including people who aren't ordinarily eligible for unemployment benefits.

Who is Eligible?

  • Self-employed workers;
  • Free-lancers;
  • Independent contractors;
  • Part-time workers or those seeking part-time work;
  • Workers who don’t have a long work history to prove they qualify for state unemployment insurance benefit;
  • Workers who usually do not qualify for benefits under state or federal law.

To be considered for the PUA program, you must also provide self-certification that you are able to work and available for work, and that you are unemployed, partially employed, or unable or unavailable to work due to a COVID-19-related situation.

What counts as COVID-19 related issues?

  • You have been diagnosed with COVID-19 or have symptoms of it and are trying to get diagnosed;
  • A member of your household has been diagnosed with COVID-19;
  • You are providing care for someone diagnosed with COVID-19;
  • You are providing care for a child or other household member who can't go to school or to a care facility because it's closed due to COVID-19;
  • You are quarantined or have been advised by a healthcare provider to self-quarantine;
  • You were scheduled to start a job and no longer have the job or can't reach the job due to COVID-19;
  • You have become the primary earner for a household because the head of household died as a direct result of COVID-19;
  • You had to quit your job as a direct result of COVID-19;
  • Your place of employment is closed as a direct result of COVID-19;
  • You meet other criteria set forth by the Secretary of Labor.

How much money can I expect to receive?

Benefit amounts are calculated based on previous earnings, using a formula from the Disaster Unemployment Assistance program under the Stafford Act. The minimum benefit equals 50% of the State’s average weekly unemployment insurance benefit.

Those eligible for this program will receive $600 per week through July 31st, 2020, under the Federal Pandemic Unemployment Compensation Program.

How can I apply?

This program is still being set up by the U.S. Department of Labor as the decision to introduce this was made in the first week of April. It may take some time for states to be ready to process claims for freelancers, gig workers, and independent contractors. Workers will be eligible for retroactive benefits and can receive benefits for up to 39 weeks, including any weeks during which the worker received regular unemployment insurance.

What happens if I cannot find work for a long time?

The CARES Act established the Pandemic Emergency Unemployment Compensation (PEUC) program to allow people who have exhausted their unemployment compensation benefits to receive up to 13 additional weeks of benefits, provided they "are able to work, available to work, and actively seeking work."

To receive PEUC, you must be actively engaged in looking for work. However, the bill specifies that "a State shall provide flexibility in meeting such [work search] requirements in case of individuals unable to search for work because of COVID-19, including because of illness, quarantine, or movement restriction."

The Netherlands:

Postponement of tax payment and reduction of fines and interest

Entrepreneurs affected by the economic consequences of the coronavirus may apply for special postponement of payment of tax. Also, the Dutch Tax Authorities will omit or reverse default penalties for failure to pay on time. Note: old fines are not waived. The reversal only applies to new fines caused by financial difficulties due to the coronavirus.

In addition, an interest of only 0.01% applies to the outstanding debt to the Dutch Tax Authorities. This postponement applies to the following taxes:

  • Personal income tax*
  • Corporate income tax*
  • Wage tax
  • VAT

How to request for postponement?

You can request postponement of tax payments after having received the concerning tax assessment. This assessment is received after having filed your personal or corporate income tax return and after not having paid your VAT or wage tax return on time. Unfortunately it is not possible to file a request for postponement before having received the tax assessment.

The Tax Authorities will allow you to suspend payment as soon as they receive your request. The request must be accompanied by a statement from a third party expert within four weeks if you request a postponement for more than 3 months. This statement must attest that the requested postponement relates to the economic effects of the coronavirus. As registered tax advisors Holthaus Advies is one of these experts. Individual assessment of each request will be done by the Tax Authorities in a later stage. Additional documents may be requested by the Tax Authorities in this respect.

  • Amendment of preliminary tax assessment 2020

In addition to applying for special postponement, it is also possible to amend your preliminary personal income or corporate income tax assessment for 2020. This preliminary assessment can be changed via the online environment of the Dutch Tax Authorities. Feel free to contact us if you need any help in this respect.

  • The temporary benefit for self-employed professionals (in Dutch the ‘Tijdelijke overbruggingsregeling zelfstandig ondernemers’)(“Tozo”) (replacing the “Bbz”)

Self-employed professionals who run a viable business can claim an extra temporary financial support. The “Tozo” support comes into effect retroactively from March 1st and will remain in place until 1 June 2020 at least. The support consists of:

  • Income support, depending on the income and your household situation this can amount to a maximum of €1,500 (net). You do not have to repay, and there is no capital or partner test and/or;
  • A loan for business capital to a maximum amount of €10,157. You do have to repay this loan, but it is possible to request a delay of your payment obligation. The interest rate will be lower than under the regular “Bbz”. https://business.gov.nl/subsidy/financial-support-self-employed-bbz/

Which self-employed professional can apply?

  • One-man business (in Dutch: ‘eenmanszaak’): the owner.
  • “VOF”: each partner (under the condition that all partners must agree to the application).
  • “CV”: each partner (excluding silent partners).
  • “BV”: the director and majority shareholder (a director and shareholder with a majority of the shares, being more than 50%).
  • Partnership (in Dutch: ‘maatschap’): each partner, under the condition that this partner contributes labor and capital. If solely labor is contributed only option 1. (Income support) may be requested.
  • Cooperative society: each member under the condition that all members must agree.
  • Foundation: an individual with the power to govern the foundation and who contributes from a financial perspective and takes risk in this respect. In addition, the individual must be regarded as an entrepreneur for personal income tax return purposes.

Self-employed professionals who run a viable business can claim an extra temporary financial support. The “Tozo” support comes into effect retroactively from March 1st and will remain in place until 1 June 2020 at least. The support consists of:

  • Income support, depending on your income this can amount to a maximum of EUR 1,050 per month (net) per entrepreneur and a maximum of EUR 1,500 per month (net) for partners, if both partners are entrepreneurs. This income support is applicable for 3 months. You do not have to repay, and there is no capital or partner test and/or;
  • A loan for business capital to a maximum amount of EUR 10,157 which has to be repaid within 3 years starting January 1, 2021. An interest rate of 2% applies to this loan.  

It’s possible to apply for the “Tozo” in each municipality, from Monday, March 30 up and until May 31, 2020. The application must be submitted by using ‘DigiD’.

More Countries will be added soon.



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