How it works
EIDLs are the second of the two loan options available to small businesses and self-employed individuals through the CARES Act. These low-interest, flat-rate loans can be used to cover expenses like paid leave, payroll or lost revenue due to the pandemic.

When you apply through the SBA website, you may be able to obtain an advance of up to $10,000 and receive it in as little as three days. When used on covered expenses, this advance does not have to be paid back, even if you end up being denied for the loan itself.

Things to consider
Once again, ICs are small businesses, meaning they can apply for EIDLs by entering their own information in the business section of the application. This, however, raises additional questions: What if ICs incorrectly list a contracting company as their employer? Could such documentation have future ramifications on potential misclassification claims? These are matters to discuss with your legal counsel.

Additional resources
Chamber of Commerce step-by-step application guide
EIDL terms and conditions