"I've probably lost $5,000 over the last four or five days due to, you know, all the concert venues being closed," Atlanta musician and music teacher Jeanne Carere said earlier this month. "You don't become a musician to be rich."

For music teacher and gig musician Jeanne Carere, relief from the economic impact of the coronavirus outbreak can't come soon enough.

"I've probably lost $5,000 over the last four or five days due to, you know, all the concert venues being closed," Carere said last month as the coronavirus outbreak was beginning to intensify. "You don't become a musician to be rich."

As the pandemic continued to intensify, she struggled to keep students at her Peachtree Corners music store. That, combined with the lack of freelance music gigs, has been devastating for her. Carere told GPB news last month that she hoped the government would step in and offer assitance to people in her position.

Many have been forced to find new ways to make money, including offering online lessons. Independent theaters across Georgia have canceled entired seasons and shut their doors. 

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There are several options available to both small businesses and contractors who have been affected by the economic impact of coronavirus.

Last Friday, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill included a $10 billion fund for economic injury disaster loans and $350 million for paycheck protection loans.

The passage of the bill comes as the number of new people claiming unemployment benefits totaled 6.6 million last week — doubling the record set a week earlier.

According to Forbes, one feature of the disaster loans is a $10,000 grant that can be forgiven if it's spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met due to revenue loss. 

This loan is unique because it's the first time the SBA has offered a disaster loan for a pandemic. In the past, it has only offered them for natural disasters. 

The loan can be applied for at www.SBA.gov/disaster. 

The other facet of relief for small businesses and contractors is the act's Paycheck Protection Program. The program offers small business loans that are backed by local lenders for business with less than 500 employees and local contractors. Part of the loan could be forgiven for applicants if spent on operating expenses. 

Forbes reports that this loan can be forgiven if used on a litany of things, including:

  • Payroll costs, excluding prorated amounts for individuals with compensation greater than $100,000
  • Rent pursuant to a lease in force before February 15, 2020
  • Electricity, gas, water, transportation, telephone, or internet access expenses for services which began before February 15, 2020 
  • Group health insurance premiums and other healthcare costs.

Independent contractors are also able to apply for relief to their loss of income.

This loan program can be applied for through local lenders. There's a qualification checklist available through the Chamber of Commerce.

Carere is one of many Georgians who has applied for the two programs this week, saying that it's the right move to keep her and her business viable.

"I am doing everything I can in my power to keep my business open for the future and pay employees during this time of crisis," she said.

The Georgia Small Business Association expressed their support for the programs in a press release.

"The new loan program will help small businesses with their payroll and other business operating expenses," the statement said. "It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA."

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