Extremely 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 difficult day, Lyft drivers gamble a critical role, hooking up visitors to very important qualities and items-for example medical care, food and treatments. I seriously appreciate your contributions towards communities, and have now understand that earning profits tends to be tough today.
Within the CARES Act, the tiny Organization Administration (SBA) created the latest apps to help with smaller businesses, including people who are worry about-functioning, sole proprietors or independent contractors. Of numerous vehicle operators to the Lyft program is worry about-operating or own their particular providers and may be eligible.
This type of SBA apps try the latest and still when you look at the innovation, so there is significantly we do not know about how the programs are working and you will facts ents, and will still show position according to the knowledge of the latest software. Money try minimal, so we is encouraging those who really wants to connect with get it done as fast as possible.
There is certainly a check-container to the app where you can imply that you’d want to be experienced towards cash advance
Keep reading to get more details, and in addition to get a hold of pointers from the You Chamber out-of Trade and you may Business Administration.
Financial Burns off Disaster Financing Disaster Get better: opportunity for small businesses, including independent contractors and self-employed individuals, to https://cartitleloansplus.com receive a cash loan advance that does not have to be repaid. You can apply online through the SBA here.
There’s two programs offered that’ll give dollars offers and you can forgivable finance so you can qualified people
What’s this program? 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 cash am i going to found? 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. You do not have to take out or be approved for a loan to receive the cash advance. You can also find detailed directions from the US Chamber of Commerce here.
Whenever can i located payment? 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.
Salary Defense Program: in addition to the Economic Injury Disaster Loan Emergency Advance, some drivers 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 exactly is this program? 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 can i pertain? You can apply for the loan through your bank or credit union. Note that not all banks / credit unions are participating. 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).
Whenever should i pertain? 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 obtain 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.
In which should i select facts? You can find more information about the Paycheck Protection Program at the following links:
Recent Comments