Very 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.
In this difficult big date, Lyft motorists gamble a life threatening character, connecting individuals to very important characteristics and services and products-such as healthcare, as well as drug. We seriously delight in your contributions toward teams, and now have remember that earning money is generally tough today.
Under the CARES Work, the tiny Company Management (SBA) authored the newest programs to support smaller businesses, in addition to individuals who are self-working, sole people otherwise separate designers. Of numerous motorists towards Lyft program try worry about-working otherwise very own their business and might be eligible.
These SBA apps is the new and still into the development, generally there is a lot we don’t realize about how the applications will work and you may facts ents, and certainly will still display condition considering all of our comprehension of the latest programs. Fund is actually restricted, so we was guaranteeing those who desires affect get it done as soon as possible.
There are two programs readily available which will offer bucks provides and you will forgivable money to help you eligible motorists. Continue reading to get more information, and you may and additionally discover suggestions from United states Chamber off Business and Small company Administration.
Economic Injury Crisis Mortgage Emergency 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.
Note that only a few banking companies / borrowing unions are participating
What is actually 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.
Just how much am i going to receive? 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 can i 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. 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 am i going to located 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.
Salary Coverage 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. 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 program? 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 apply? 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 must i incorporate? 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 payday loans with bad credit New York Emergency Advance, this amount will be subtracted from the amount forgiven.
You do not have to carry out or even be accepted to have a loan to receive the bucks get better
Where ought i come across more info? You can find more information about the Paycheck Protection Program at the following links: