Essential 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.
During this difficult big date, Lyft vehicle operators gamble a serious character, connecting men and women to very important services and products-such as for example healthcare, food and medication. I significantly delight in the contributions to your organizations, while having just remember that , earning money tends to be hard immediately.
Under the CARES Work, the tiny Company Management (SBA) composed the new software to help with smaller businesses, and additionally those who are notice-functioning, best people otherwise independent contractors. Of a lot motorists towards the Lyft system is actually self-functioning or own their particular organization that can meet the requirements.
Such SBA apps was this new nonetheless in the innovation, generally there is much we don’t discover the way the software will work and you can information ents, and certainly will consistently share updates considering all of our understanding of the brand new programs. Funds try minimal, so we try encouraging people that would like to affect do it as quickly as possible.
There are two apps readily available which will give dollars gives and you can forgivable fund in order to eligible drivers. Keep reading for lots more facts, and you may together with select advice through the You Chamber regarding Commerce and you will Small company Management.
Monetary Injury Crisis Financing Disaster Improve: 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 https://loansavesolutions.com/title-loans-ar/ not absolutely all banking institutions / credit unions may take place
What is 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 will i 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. 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 will i located 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 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 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 do i 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 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 can i obtain 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.
You don’t need to obtain or perhaps be accepted to have a loan for the money get better
In which should i find considerably more details? You can find more information about the Paycheck Protection Program at the following links: