COVID-19 economic relief programs

Last updated: June 29, 2020

As a small business owner, sole proprietor, or self-employed individual who owns a vacation rental unit, you may be eligible to receive some form of financial relief.


  • Apply for a loan from the SBA’s Paycheck Protection Program. Available to retain employees, recover lost income (for sole proprietors and self-employed individuals), or pay rent, mortgage interest, or utilities.
  • Learn about possible flexibility for mortgages.
  • Apply for expanded unemployment benefits. If you are self-employed or operate as a sole proprietor for your vacation rental activities, these benefits may be available to you.
  • Learn about additional loans, tax credits, and resources.

Apply for an SBA loan

Paycheck Protection Program: Administered by the SBA, this program provides loans to retain employees, or to recover lost income or net earnings for sole proprietors and the self-employed, and to make payments on rent, mortgage interest, or utilities. Some or all of the loan may be forgivable.

  • Who can apply: Small businesses, independent contractors, self-employed people, and sole proprietors.
  • When to apply:
    • Applications are now open for everyone.
    • We encourage you to apply as soon as possible before the funding cap is met.
  • Where to apply: You can find an Eligible Lender near you using this tool from the SBA.
  • Additional information: The SBA has capped the amount of loan proceeds that can be spent on rent, mortgage interest, or utilities at 25%.

Economic Injury Disaster Loan Emergency Advance: Administered through the SBA, this program provides funds to those experiencing a temporary loss of revenue. As a vacation rental owner, you may be eligible for this advance that may not have to be repaid.

Check in with your mortgage lender

Mortgage forbearance & protection: If you have a mortgage that is federally backed, the Federal Housing Finance Agency offers loan forbearance and protection from foreclosure.

If your mortgage is not federally backed, check with your mortgage lender for more information on any loan deferral or forbearance programs they might have.

Expanded and enhanced unemployment insurance benefits

  • Who can apply: If you are self-employed or operate as a sole proprietor for your vacation rental activities, these benefits may be available to you under relaxed unemployment insurance rules.
  • Where to apply: Programs will vary by state, so check with your state’s Department of Labor for more information.

Tax updates

Individual recovery rebate: The IRS is sending up to $1,200 per individual adult, and $500 for each qualifying child. Except for those who have not or were not required to file 2018 and 2019 taxes, no further action is necessary to receive these rebates. More information for non-filers can be found on the IRS’s website.

Tax credits and payroll tax deferrals: Other tax credits are available for businesses with employees, including sick and family leave credits, and the Employee Retention Credit

  • Who can use it: Businesses impacted by COVID-19 that also have employees.
  • Where to apply: These credits are either taken in the form of withholding certain tax payments to the IRS, or by requesting them directly from the IRS. Details are available here.

Tax deadline extension: The usual April 15 federal tax filing deadline has been extended to July 15.

Penalty waivers for retirement account withdrawals

Penalties for early withdrawals from certain retirement accounts may also be waived. More guidance on retirement accounts will be posted on the IRS website.

We encourage you to review the guidance from the following federal agencies on the various programs that may be available to you: