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.
During this challenging go out, Lyft motorists play a serious role, hooking up people to essential functions and you can products-instance health care, food and medication. We profoundly see your efforts on communities, and also keep in mind that making money may be tough right now.
In CARES Act, the tiny Business Administration (SBA) written the software to help with small enterprises, along with those people who are thinking-operating, sole proprietors or independent contractors. Of several drivers with the Lyft platform is self-operating otherwise own their own organization that can qualify.
These types of SBA software is brand new but still into the development, generally there is a lot we do not find out about the programs work and you will information ents, and will always share position centered on all of our understanding of the newest apps. Money are restricted, therefore we is actually guaranteeing people that would like to affect exercise as soon as possible.
There are 2 programs available which could offer cash grants and you may forgivable fund in order to qualified vehicle operators. Read on for more details, and in addition to look for advice from the You Chamber out-of Trade and Home business Government.
Economic Burns Disaster Mortgage 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.
What’s 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.
This is certainly a separate system on SBA that may give financing to pay for shed earnings to possess small businesses (plus separate designers) to possess an enthusiastic 8-few days months, and can end up being forgiven with proof the mortgage has been utilized for payroll costs
How do i implement? 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.
You don’t have to carry out or perhaps recognized having a loan for the money progress
Whenever can i discovered 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 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.
How can i incorporate? 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).
Whenever do i need to pertain? 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 obtain 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% why not try here. 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 come across additional info? You can find more information about the Paycheck Protection Program at the following links: