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.
During this problematic go out, Lyft vehicle operators play a significant role, hooking up people to essential functions and you will merchandise-such as for instance healthcare, as well as treatments. We deeply take pleasure in their contributions to the teams, and now have just remember that , making money may be tough immediately.
Under the CARES Work, the little Providers Administration (SBA) written the fresh new applications to support small enterprises, and additionally folks who are self-operating, just holders otherwise independent designers. Of many drivers on Lyft platform is actually notice-working or individual her business that will qualify.
These types of SBA applications was the nonetheless into the advancement, generally there is a lot we do not learn about the way the programs are working and you will facts ents, and will consistently show standing considering our very own comprehension of the brand new applications. Fund are limited, therefore we try encouraging those who desires to apply to get it done as soon as possible.
Discover a-package towards the software where you could signify you might want to be considered into payday loan
Continue reading to get more info, and you can also see guidance from All of us Chamber off Business and you may Small business Management.
Monetary Burns off Crisis Financing 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’s two apps available which could promote bucks offers and you can forgivable fund so you’re able to qualified motorists
What exactly is this choice? 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.
Simply how much can i 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 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.
When am i going to receive percentage? 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.
What is actually this option? 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 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).
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 get 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 should i find much more information? You can find more information about the Paycheck Protection Program at the following links: