Extremely important Mention: 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.
During this tricky go out, Lyft vehicle operators enjoy a critical part, hooking up individuals to important properties and you can items-such as for instance health care, food and treatments. I seriously appreciate your own contributions towards the organizations, and now have understand that making a profit are hard nowadays.
In CARES Operate, the tiny Business Government (SBA) created the newest software to help with smaller businesses, plus people that are mind-operating, sole people otherwise separate builders. Of a lot motorists on the Lyft system is actually self-functioning otherwise very own her business and can even be eligible.
Such SBA applications was brand new but still within the creativity, generally there is significantly do not learn about how the programs will work and facts ents, and can always express position considering all of our comprehension of the latest software. Money are limited, so we is promising people that would like to affect exercise immediately.
There are 2 software offered which could bring dollars grants and you will forgivable loans so you’re able to qualified drivers. Keep reading to get more facts, and you will along with pick information from All of us Chamber of Trade and Business Government.
Financial Burns off Disaster Loan Crisis Get better: 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.
What exactly is this option? 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.
Just how much am i going to located? 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.
This can be a unique system regarding SBA that will provide finance to fund destroyed income for smaller businesses (and additionally separate builders) getting a keen 8-few days period, and certainly will getting forgiven that have research the loan might have been used in payroll can cost you
How do i pertain? 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.
You don’t need to carry out or even be recognized getting a loan to get the cash get better
Whenever am i going to 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.
Income Protection System: 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.
How can i implement? 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).
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When must i implement? 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 to have the financing 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.
Where should i get a hold of addiitional information? You can find more information about the Paycheck Protection Program at the following links:
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