Very important Mention: As of April 27, the Small Business Administration has resumed accepting new applications for critical link 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 tricky go out, Lyft people play a life threatening character, linking men and women to extremely important characteristics and you may services and products-particularly health care, food and medication. I deeply appreciate their contributions into organizations, and get just remember that , earning profits is generally tough today.
According to the CARES Act, the tiny Business Administration (SBA) composed new programs to help with small enterprises, along with people who are mind-employed, just people or separate builders. Many drivers on the Lyft platform was worry about-employed or individual their particular business that will qualify.
This type of SBA programs try the fresh new nevertheless in invention, generally there is a lot do not learn about how the apps work and info ents, and will always express reputation considering our very own understanding of this new apps. Finance is actually restricted, so we are guaranteeing people that would like to affect get it done as soon as possible.
There’s a-box to your application where you could signify you’ll like to be noticed into payday loan
Keep reading for more info, and you may in addition to get a hold of suggestions from All of us Chamber out-of Commerce and you may Business Government.
Financial Injury Emergency Mortgage Crisis 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.
There are two main applications readily available that may offer dollars offers and forgivable financing to help you qualified motorists
What 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.
Exactly how much will i 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.
How to use? 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 am i going to 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.
Paycheck Safeguards 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 can i apply? 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).
When do i need to use? 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 obtain the mortgage 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 ought i see info? You can find more information about the Paycheck Protection Program at the following links:
