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CARES PUA : Help for the Self-Employed

The Pandemic Unemployment Assistance (PUA) of the CARES Act addresses the need of self-employed individuals, independent contractors and gig-workers. The PUA gives special attention to those who under ordinary circumstances, run businesses that do not qualify for unemployment insurance benefit or the SMB loans extended by the Small Business Administration (SBA).

The PUA program also provides economic relief to those not formally employed by business entities and therefore not entitled to receive the usual employment benefits like paid sick leaves. Freelancers, gig-workers or independent contractors, whether hired on a full or part time basis, or under a long or short term contract, but unable to continue with their work engagement, because of personal illness or circumstances that prevent them from doing so, will be provided with unemployment benefits under the PUA system.

 

Granting of PUAs will be administered by the unemployment office of each state in accordance with the manner by which a state office provides the assistance. Actually, the CARES Act – PUA follows the federal Disaster Unemployment Assistance (DUA ) model as far as implementation methods are concerned. The good news is that the PUA of the CARES Act can still be awarded as supplementary financial assistance to the DUA relief extended by a state government.

 

What the PUA Offers as Economic Assistance During the COVID-19 Crisis

Self-employed workers and the likes, who qualify for economic aid under the PUA program stand to receive 39 weeks of unemployment benefits. A minimum benefit will be calculated in accordance with the federal government’s DUA program under the Stafford Act, which is set to equal 50 percent of the average unemployment insurance benefit granted by a state on a weekly basis; estimated at roughly $190.00.

This is notwithstanding the fact an additional $600 per week may be awarded to those whose circumstance merits entitlement to the supplementary financial aid.

Basic Eligibility Requirements of the PUA CARES Act Package

The CARES Act back-dated the period of the program to January 27, 2020 in order to qualify those who were affected by the Covid-19 pandemic, even before their source of livelihood were given orders to close or cancel. The PUA program though, is set to expire by December 31, 2020.

As a basic requirement, PUA applicants must self-certify that they are unemployed, whether partially or fully; or state in their application the reasons that prevent them from engaging in freelance or contractual employment. Generally, PUA eligibility requirements are founded on the premise that the applicant is unable to obtain freelance work, carry out work contracts or engage in gigs, mainly a result of the Covid-19 pandemic.

In the aftermath of the health crisis and despite the unemployment benefits, many self-employed individuals will likely face insolvency; especially those who were not prepared for an unemployment circumstance. The state of California for one is a major contributor to the country’s economy, whilst having the greatest number of workers forming part of the entire U.S. labor force.

If and when insolvency does become a concern, be in the know that legal help can be provided by a bankruptcy attorney. Contracting a bankruptcy lawyer san diego law firms can provide, is one good way to get out of debts as soon as possible.

The Pros Of Unsecured Business Loans

Many businesspersons consider business loans to meet their added funding needs. Even lucrative businesses every so often require monetary injection for common expenditures such as the expansion of business operations, inventory supplies and orders, rent, worker’s wages as well as other monthly expenditures.

In several circumstances, businesses will pledge a collateral to obtain a loan. This collateral is connected to the loan term. In the event that the owner of the small business fails to pay the loan, they have no choice but to give the collateral to the moneylender. Basically, the collateral safeguards the lender from loan defaults.

Unsecured Business Loans – What are the pros?

Another alternative that small business owners pursue are unsecured loans. Unsecured loans, such as unsecured loans from Citrus, don’t necessitate any collateral, which is an advantage for potential borrowers. Let’s have a look at the other pros of unsecured business loans to determine whether the product is perfect for you.

Process of Loan Application is Shorter

The process of business loan applications could be very rigorous since financial institutions would want to make certain that they’re loaning to businesses that could afford and pay on-time, and eventually repay their loan completely. As such, they meticulously examine each application.

When collateral is offered, however, the lender has to carefully inspect the collateral to appraise its value. Such process could be laborious and consumes so much time. With a business loan that is unsecured, the lender is freed from such task which gives them more time to concentrate on other factors like the credit report of the business as well as their monthly sales.

Often times, this streamlined process of application bring about faster distribution of funds, usually within 24 hours to 2 days. Hence, several businesses looking for immediate financing find unsecured loans as a better choice.

No Collateral Needed

Many startup businesses don’t have collateral or any business assets to offer moneylenders to serve as collateral making many startups unqualified for just about any secured business funding.

With unsecured loans, collateral isn’t a need. In its place, other factors are reviewed to qualify, like business plans as well as market opportunities. Frequently, several startups and businesses missing these factors still gain eligibility for an unsecured business loan. Hence, look into unsecured loans first.

Because collateral isn’t provided by you, the lender might necessitate a personal guarantee for you to get approved for an unsecured loan. This is a licit document stating that if you can’t repay your loan, the lender is given lawful rights to seize your personal assets.

 

The Risk of your Property Being Seized is Eliminated

A business loan that is secured is protected with certain assets. For instance, you may get an office mortgage office that is secured by the office or property itself. In the event of a default, the lender will have the capacity to take over the property as it was presented as collateral. With a business loan that is unsecured, the lender would need to take legal action to obtain an order to take hold of any property you have. In several cases, a lender might be allowed for property to be seized to recover the loss on a loan. But, if the business files for bankruptcy, the court may dismiss the unsecured loan.

Should You take a Lawsuit Loan?

Say you have filed for a personal injury lawsuit and in urgent need of money, then you may be planning to apply for lawsuit loans over at mycaraccidentcashadvance.com. While such company is respected and trusted, it is still wise if you would allot time in doing research. As much as possible, you must fully understand the cost entails in the loan to negotiate with best terms.

What Exactly is a Lawsuit Loan?

Using a lawsuit loan, you’ll be able to borrow cash against the settlement or the judgment you are expecting to obtain from a lawsuit. These are widely used among plaintiffs or victims of personal injury cases who have lost their income or have incurred significant medical and hospital bills as a result of injury. Plaintiffs are typically seeking lawsuit loan in an effort to cover expenses such:

  • Day-to-day expenses
  • Mortgage payments
  • Medical bills
  • Car loans

Is it Your only Option?

While lawsuit loans can supply you with the finances you need, taking such can be expensive. As you pay your lender from the proceeds of judgment or settlement, you must pay back the principal amount you’ve borrowed along with the interest or funding fee. And mind you, this could be doubled or tripled the amount of what you have initially borrowed from the lender.

Loan Revolves around Your Case

It isn’t uncommon for personal injury cases to conclude after months or years. The rates of interest therefore for lawsuit loan may take you between 27 to 60 percent annually. So if you take 25,000 dollars loan, the interest alone may run you for around 12,500 dollars or even more in a year. Due to the reason that the interest is compounding every month, you may likely pay the lender somewhere around 32,000 dollars if your case takes 24-months to settle.

Yes it is true that it may be expensive, but if you are looking for immediate money, this can be a real savior.

How can You Qualify for such a Loan?

Since lending companies are taking huge risks, it would not be paid back if you have lost the case or settled for less than what is expected, it’ll just lend applicants if it feels confident that you’ll win or settle the case for a huge amount.

Six Ways To Finance A Start-Up Business

Need financing? You can often go to the bank for this but they won’t offer instant loans. Nonetheless, there are also other options. In this list, you will find six options to find the money for your company.

9 Startup Funding Options – Business Loans + More

1. Private investors

Private investors (Informal investors) want to invest part of their equity in a starting company. In the business world, they are sometimes called business angels. They are often former entrepreneurs who, in addition to capital (money), also bring knowledge and expertise.

Keep in mind that many informal investors like to remain intensively involved in the business process even after the start.

You often convince a potential investor with a short pitch. So you have to prepare very well for such an exciting sales conversation. Read all about the questions that an investor will ask you.

2. Bank financing

Most entrepreneurs still allow themselves to be financed by the bank. To be eligible for this, in most cases you must first write a good business plan . In this plan you show that you have a promising idea in the current market.

3. Guarantee credit

Suppose you have been active as an entrepreneur for less than three years and you need a business loan (money). At the moment you cannot offer banks enough security when it comes to collateral. The bank, therefore, runs an additional risk.

Then the bank with which you have applied for financing can make use of a special government scheme: a guaranteed credit. The government then takes over part of the risk. Do you want to know more? This Rabo page offers you access to more information.

4. Family and acquaintances

Calling on starting capital with parents, friends and other acquaintances? Some entrepreneurs are a bit hesitant about this. But if you make clear agreements between themselves, your environment can certainly be a good step towards a successful start to your business.

Borrow from family and acquaintances without a fight. Preferably record agreements on, for example, specific repayment terms, amounts and interest payments in a legal contract. In addition, seek financial or legal advice on time.

5. Financial lease

It is not always easy for starting entrepreneurs to buy machines, equipment or means of transport. A financial lease is increasingly being used by starting entrepreneurs and self-employed people without employees. Moreover, the assets are just yours, and that again offers tax benefits.

6. Microfinance

Microfinancing can offer a solution if you have a limited financing requirement as an entrepreneur. This is also referred to as an SME loan. A duration of one to a maximum of ten years applies to this. Do you want to use the money to buy a shop or office space? In that case, the term is a maximum of 20 years and there is a mortgage loan available too

Financing a start-up business can be a challenge but with little research, you can find the right loan that will help your business from the ground up.

The Cannabis Stocks Businesses

The cannabis industry is not the primary thing that comes to your mind when you think of getting stocks. Further, those who are in the business and monitor its trend may say that the industry’s status is fluctuating and are getting worse. It is also note-taking that there are companies who struggle much with the financing aspect of the industry as learning the basic accounting is important.

According to professionals of Wall Street, investors must be reminded that even if the industry is facing great challenges, hidden treasures are waiting to be revealed which has the capability to deliver excellent returns.

Knowing this, there are game players within the industry that show compelling plays. They all have the right to be proud of their potential for the market’s share price. Let’s check them out.

Big Names on Cannabis Stocks

Here are marijuana companies soaring high in the weed industry.

Cresco Labs

OTC: CRLBF

Cresco Labs caters a diverse portfolio of brands complying a wide range of various needs. It has become interested in 11 states and about 21 dispensaries. These are in addition to their operations of cultivating and manufacturing.

To give respect to the federal state of Illinois, Cresco runs the business with license in various cultivation facilities and manufacturing plants compared to other cannabis businesses. Moreover, Cresco have the ability to expand its business. This is all in credits of a new financing firm that gives an initial amount of as high as $100 million and can increase the loan as an option.

Green Thumb Industries

OTC: GTBIF

This company became popular because of its goal of developing cannabis items for medical and legal use. The company self-declared that they are cannabis provider which are truly credible and experienced. In addition, Green Thumb also has a compelling potential in case cannabis is legalized on a wider coverage in which it will highly take place.

GW Pharmaceuticals

OTC: GWPH

GWPH is a company in the biopharma sector that has been part of the market and lead in cannabinoid therapeutics. Its popular product is the Epidiolex therapy that has already approved by the Food and Drug Administration as treatment for seizures associated diseases like Lennox-Gastaut syndrome or Dravet Syndrome. This was very remarkable for the cannabis industry as it was the first ever approved cannabis-based treatment from FDA. Moreover, the primary driver for GWPH will be the sales growth of Epidiolex. Yet, the probability of GWPH to rise on the cannabis stocks would fall at around 80% due to the average price target of $192.40.