Seeking to help our members understand the CARES Act, IHFRA reached out to its attorney, Adam Glazer at the renowned law firm of Schoenberg, Finkel, Newman and Rosenberg LLC.
Mr. Glazer graciously broke the Act down to the following primary components for our members:
An eligible self-employed individual, independent contractor, or sole proprietorship seeking a covered loan can submit such documentation as is necessary to establish such individual as eligible, including payroll tax filings reported to the Internal Revenue Service, Forms 1099–MISC, and income and expenses from the sole proprietorship, as determined by the Administrator and the Secretary. Work with a bank or other lender that has experience administering SBA loans.
A self-employed individual who is otherwise able to work and available for work is eligible for unemployment compensation of applicable state law, if such individual is unemployed, partially unemployed, or unable or unavailable to work because the individual’s place of employment is closed as a direct result of the COVID–19 public health emergency.
Mr. Glazer also furnished additional information supplied by the U.S. Chamber of Commerce.
On behalf of our members, IHFRA wished to thank Mr. Glazer and his firm for this timely information.