Very important Mention: 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.
In this difficult go out, Lyft drivers enjoy a life threatening character, hooking up men and women to extremely important characteristics and items-such as for example medical care, food and medication. We profoundly enjoy their benefits towards the communities, and possess understand that making money can be difficult immediately.
In CARES Work, the small Company Government (SBA) authored the latest programs to support small enterprises, and additionally individuals who are care about-working, best people otherwise independent designers. Of several people into Lyft system is worry about-employed otherwise own her business and may even be eligible.
This type of SBA apps are the nevertheless inside innovation, generally there is significantly we do not know about the apps are working and you can info ents, and will always express reputation based on our understanding of the new programs. Finance is limited, so we is encouraging those who desires affect exercise as fast as possible.
There are 2 apps available that could offer bucks features and you can forgivable money to qualified vehicle operators. Continue reading for lots more information, and you will together with discover guidance from Us Chamber off Commerce and you may Small business Administration.
Economic Burns off Disaster 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.
Remember that never assume all banking companies / borrowing from the bank unions are participating
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.
How much can 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 do 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 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.
Salary Defense Program: 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 nationaltitleloan.net/payday-loans-il/. 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 to pertain? 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 ought i 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.
You don’t need to take out or even be approved to have a loan to receive the cash improve
In which should i find more info? You can find more information about the Paycheck Protection Program at the following links: