Income Replacement Guide for Competitive Athletes

The outbreak of COVID-19 has massively disrupted the livelihoods of athletes. In line with our mission of supporting the development of emerging elite athletes, we have assembled this guide as a resource for individuals whose primary source of income comes from competition and associated activities, such as sponsorship, contracts with shoe companies, coaching, and community engagement.

As an athlete, you might manage your earnings in one of the following ways:

  • as a sole proprietor (you file or will file a Schedule C with your 1040 personal income tax filing);
  • as an independent contractor (you collect and file 1099-MISC forms); or
  • as a self-employed individual (you receive payroll from a corporation or LLC that you own and operate).

All of these categories are eligible for the main federal support programs under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which you can find summarized in the PDF file below.