Very important Notice: 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.
With this problematic date, Lyft drivers gamble a significant part, hooking up individuals very important characteristics and you will merchandise-for example health care, food and treatments. We deeply delight in your contributions to the organizations, and just have remember that making a profit are hard now.
According to the CARES Operate, the small Organization Government (SBA) authored the newest programs to support small enterprises, together with individuals who are notice-employed, sole proprietors or separate contractors. Of numerous vehicle operators on the Lyft platform is actually thinking-employed or individual their business and will be eligible.
These SBA apps is actually this new and still within the development, so there is much we don’t realize about the way the applications will work and you can information ents, and certainly will consistently share condition based on our very own knowledge of this new software. Loans is actually limited, therefore we try guaranteeing individuals who wants to affect get it done immediately.
There are 2 software available that’ll give dollars offers and forgivable financing in order to qualified vehicle operators. Continue reading for much more info, and you will along with discover pointers through the All of us Chamber of Trade and you can Home business Management.
Economic Injury Crisis Mortgage Emergency Advance: 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.
Note that not all banks / borrowing unions are participating
What’s 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.
Exactly how much am i going to discovered? 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 can i apply? 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.
Whenever can i receive 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 Shelter 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.
What is actually this choice? 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).
Whenever 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 can i 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 advance cash payday loans Mississippi Emergency Advance, this amount will be subtracted from the amount forgiven.
There is no need to get or even be approved to have financing to get the money progress
In which should i look for more info? You can find more information about the Paycheck Protection Program at the following links: