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Information on Financial Resources

Learn about the financial resources available to hairdressers and salon owners via the COVID-19 CARES ACT and the PBA COVID-19 Relief Fund.

Small Business Assistance

Professional Beauty Association COVID-19 Relief Fund
With generous support from industry partners, including L'Oréal Professionnel, the Professional Beauty Association (PBA) and PBA Charities have created a new fund to help the industry during this unprecedented crisis.

The PBA COVID-19 Relief Fund will provide $500 to licensed beauty professionals who are unable to work due to COVID-19. The funding, if awarded to you, is intended to be emergency aid for short-term immediate needs such as food and bills. Apply Now

We believe that there will be a big demand for hair services when this is all over, but right now, so many of our artist friends and family members are struggling. We miss salon life. We hope everyone can return to their salons ASAP, but in the meantime, here is some helpful information for employee, independent contractor, and self-employed hairstylists in the US:

Facebook Small Business Grants Program
Facebook is giving $100M in cash grants to 30,000 eligible small businesses across 30 countries to help them get through COVID-19 disruptions. The grant can be used to cover rent costs, operational costs and more. To be eligible to apply, you must:
• Be a for-profit company
• Have between 2 and 50 employees
• Have been in business for over a year
• Have experienced challenges from COVID-19
• Be in or near a location where Facebook operates
See Available Locations

A Stimulus Check
Most of you as individuals will automatically receive a maximum payment of approximately $1200 (plus $500 per child – for children under 17). You won't have to do anything to make that happen as long as you've filed your taxes in either 2018 or 2019.

*Paid to those that earn $75,000 annually as an individual or $150,000 annually for joint (family)

Unemployment Benefits
Now even as an independent contractor or self-employed worker, you are eligible for state unemployment. You can now file for unemployment for an extra 13 weeks. Most states offer 26 weeks normally, so now you'd be able to file for up to 39 weeks while you're out of work. The federal government will also send an extra $600/week to add to your unemployment coverage. So as long as you're filing with your state, you'll receive that additional weekly check until July 31st without having to do anything. Learn more about unemployment insurance relief during COVID-19 outbreak

SBA Economic Injury Disaster Loan
Small businesses, sole proprietorships (with or without employees), and independent contractors from most states can apply online for a Economic Injury Disaster Loan advance of up to $10K. Funds will be made available following a successful application. Most loan advances will not have to be repaid. Access the COVID-19 Economic Injury Disaster Loan Application

As salon owners, we understand that this has been a challenging time, to say the least. We've all put so much at risk to follow our dreams and open salons that we're proud of, and now we've had to close them. We have had to temporarily break up our salon families, and we're all concerned for their livelihoods. Fortunately, there is at least a little help coming, and we'd like to provide some useful information to our fellow salon owners here:

Paycheck Protection Program
Designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. 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. You should consult with you local lender as to where it is participating in the program. Lenders may begin processing loan applications as soon as April 3, 2020, and available through June 30, 2020.

Access the COVID-19 Economic Injury Disaster Loan Application
Access the Coronavirus Emergency Loan Small Business Guide and Checklist

*Additional General Resources:
Access COVID-19 Resources from Summit Salon Business Center
Access COVID-19 Resources from the Professional Beauty Association

TAXES

Tax Day Pushed to July 15th
Treasury, IRS extend filing deadline and federal tax payments.Learn More

PERSONAL FINANCE

Protecting your finances during the Coronavirus Pandemic

Guide to Coronavirus mortgage relief options

How utility, phone and internet companies are giving consumers a break during Coronavirus pandemic

How to adjust your autopay spending during the Coronavirus pandemic

 

 

 

The forgoing materials are provided for informational purposes only and are not intended to be used as or constitute legal or accounting advice. We are not engaged in rendering legal, accounting or other professional advice, and this information is not a substitute for the advice of an attorney or accountant. If you require legal and/or accounting advice regarding any COVID-19 financial assistance program or related legislation, you should seek the services of an attorney or accountant familiar with your specific situation. You should contact your lending institution for additional information regarding the Paycheck Protection Program as well as your State Department of Labor for unemployment insurance information. The materials included in this presentation are not an endorsement of any COVID-19 financial assistance program.

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