Extremely 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 go out, Lyft drivers play a serious role, linking individuals extremely important features and you may items-such as healthcare, as well as treatments. I significantly enjoy the benefits towards the organizations, and have understand that earning profits is hard immediately.
In CARES Act, the little Company Government (SBA) written the fresh new programs to help with small enterprises, including people who are notice-working, sole holders or independent designers. Many people to your Lyft platform try mind-working or very own their particular organization and will meet the requirements.
This type of SBA apps are brand new and still during the invention, so there is a lot we don’t realize about how the applications will work and info ents, and certainly will always show condition predicated on the understanding of the fresh new software. Finance is minimal, so we is guaranteeing individuals who really wants to apply to do it as quickly as possible.
There are 2 programs offered which will promote dollars gives and you will forgivable financing to eligible motorists. Read on for more facts, and along with discover information through the You Chamber away from Commerce and Business Management.
Financial Burns Disaster Loan Disaster 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.
Observe that not all the financial institutions / borrowing from the bank unions may take place
What exactly is 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.
Simply how much am i going to discovered? According payday loans in Texas 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 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.
When 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.
Salary Safety 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’s 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 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).
Whenever do i need to 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 do i get the loan 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 have to get or be recognized getting a loan for the money progress
In which do i need to look for more information? You can find more information about the Paycheck Protection Program at the following links: