COVID-19 Financial Resources For Actors, Models, & Talent
COVID-19 Financial Resources For Actors, Models, & Talent
With uncertainty looming due to the COVID-19 Pandemic, non-essential businesses have been shut down to contain the spread of the coronavirus across the country. Actors, models, & talent face the greatest threat to their professional career in modern history. Freelance Talent work without traditional protections such as paid sick leave and unemployment insurance, and are at a disproportionate risk of financial hardship in the best of times.
As we move forward Castango is dedicated to keeping talent safe, informed & to provide updated resources to survive during this challenging time. If you’re worried about what COVID-19 will mean for the financial future of your career, here’s a game plan that can help protect you and your family from hardship and worry.
Financial AID Resources
1. Government Stimulus Check
The U.S. federal government just signed into law The Coronavirus Aid, Relief, and Economic Security (CARES) Act. A $2 trillion relief act aimed at providing relief to individuals, businesses, and government organizations. Cash payments: Estimated to total $300 billion. Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200. Married couples would each receive a check and families would get $500 per child. That means a family of four earning less than $150,000 can expect $3,400.
What do you need to do to get the stimulus check? If you’ve already filed your taxes this year, you’re all set. There’s nothing you can change right now that will affect your stimulus payment. The IRS will automatically deposit your payment to the bank account provided on your return. If you had a balance due, or if you opted to receive your refund by mail, the IRS will mail your stimulus check to the address on your return.
2. Unemployment
The CARES Act creates three new UI programs: Pandemic Unemployment Compensation, Pandemic Emergency Unemployment Compensation, and Pandemic Unemployment Assistance. All three programs are fully federally funded. This fact sheet will discuss all three, as well as “short-time compensation,” laying out what benefits are available to workers who find themselves without any or enough employment or work in these difficult times. Many of these benefits are extended to self-employed individuals including, actors, models and talent. Even if you do not have sufficient work history, you may still be eligible for Pandemic Unemployment Assistance.
Check with your local state to apply for unemployment
https://www.sagaftra.org/news-events/news/covid-19/unemployment-insurance-and-covid-19
3. SBA Loans
If you file your taxes as an Independent Contractor you can apply for an Economic Injury Disaster Loan (EIDL). If you can demonstrate that your business has suffered severe economic hardship because of the pandemic. You can apply for a loan through the SBA’s Disaster Loan Assistance portal. The initial application has been streamlined, and requires no forms to be submitted. You’re now also able to apply for an EIDL emergency grant, which provides up to $10,000 within three days of applying. The grant will not need to be repaid, even if you ultimately do not qualify for the SBA EIDL loan.
You can apply and learn more at www.SBA.gov/Disaster.
4. Grants
There are numerous companies & non-profits who are providing emergency grants for freelance entertainment professionals facing hardship and seeking assistance during this time. Each company has its own application process and set of guidelines to get approved. We have provided a short list of Funds that help freelance actors, models, and talent, but please do your own online research as new grants pop up daily across the country. .
We hope this information is helpful and provides a sense of relief. Things are changing on a day to day basis as these funds are rolled out. Be sure to check back for updated information as the weeks progress. For additional resources for your professional career development visit Castango, the on-demand marketplace for actors, models and talent.
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