Very important Note: As of April 27, the Small Business Administration has resumed accepting new applications for the Paycheck Protection Program. For the Economic Injury Disaster Loan Advance, the SBA is currently processing existing applications, and may reopen to new applications. We will keep you updated as we have new information.
In this problematic big date, Lyft motorists gamble a life threatening part, linking individuals important attributes and goods-including health care, as well as treatments. We significantly appreciate your own benefits towards communities, and have keep in mind that earning profits are hard now.
Underneath the CARES Operate, the tiny Company Management (SBA) composed brand new applications to help with smaller businesses, and those people who are self-operating, sole proprietors or separate designers. Of many drivers with the Lyft program was care about-employed otherwise very own their own company that will qualify.
These types of SBA applications is actually brand new and still within the advancement, generally there is significantly we do not understand the way the software are working and you can details ents, and will consistently express reputation based on our understanding of new apps. Loans is actually minimal, therefore we was encouraging those who wants to affect take action as soon as possible.
There’s two software available that will render cash has and forgivable loans to qualified people. Continue reading for much more info, and you may and get a hold of pointers through the Us Chamber off Trade and you can Home business Government.
Monetary Burns off Crisis Mortgage Emergency Progress: opportunity for small businesses, including independent contractors and self-employed individuals, to receive a cash loan advance that does not have to be repaid. You can apply online through the SBA here.
Observe that not absolutely all banking institutions / credit unions are participating
What exactly is this method? Small business owners, including independent contractors and self-employed individuals, are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
How much am i going to receive? According to the SBA, the grants could be up to $10,000, but the actual amount awarded will be determined by the Small Business Administration and could be significantly lower.
How to incorporate? You can access the grant by applying for a COVID-19 Economic Injury Disaster Loan. The application form is on the SBA’s website here, and should only take 5-10 minutes to complete. There is a check-box on the application where you can indicate that you would like to be considered for the cash advance. You can also find detailed directions from the US Chamber of Commerce here.
When can i discover fee? According to the SBA, advance funds will be made available within 3 days of a successful application. However, processing times have been delayed due to the large volume of applications.
Income Security System: in addition to the Economic Injury Disaster Loan Emergency Advance, some drivers https://www.nationaltitleloan.net/payday-loans-nm may also want to apply for loans through the SBA’s Paycheck Protection Program. This is a new government program so we encourage you to review the conditions of the program in detail. Loan processing times may be very delayed as banks and the government work to meet the overwhelming demand for the program. Note that if you intend to apply to the Paycheck Protection Program, you may contact your local unemployment office to determine whether participation will impact your eligibility for unemployment benefits.
What is this method? This is a new program from the SBA that can provide loans to cover lost earnings for small businesses (including independent contractors) for an 8-week period, and can be forgiven with proof that the loan has been used for payroll costs.
How to use? You can apply for the loan through your bank or credit union. The SBA has a tool for finding participating lenders here. You will need to complete the loan application form (your bank may have an online version), and provide documents as proof of your income (the government has not yet finalized the requirements, but it will likely include tax forms such as the 1099-MISC).
When should i apply? Independent contractors and self-employed individuals can apply beginning April 10 through June 30. There is a cap on the funds available for the loan, so if you choose to apply, you should do so ASAP.
How do i have the loan forgiven? Submit a written request to your lender. At least seventy five percent of the loan proceeds must have been spent on qualified payroll expenses in order for the loan to be eligible for forgiveness. Note: The SBA has not yet shared the process for how the loan forgiveness will work for self-employed independent contractors. If the loan is not forgiven, you will have to pay it back over two years at an interest rate of 1%. In addition, if you have received an Economic Injury Disaster Loan Emergency Advance, this amount will be subtracted from the amount forgiven.
There is no need to take out or perhaps accepted to have a loan to get the cash progress
Where can i come across info? You can find more information about the Paycheck Protection Program at the following links: