Crucial 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 date, Lyft motorists gamble a critical character, connecting men and women to essential functions and you may goods-for example healthcare, as well as medication. We profoundly see your benefits on organizations, and just have remember that making money is tough now.
According to the CARES Act, the small Company Government (SBA) written the newest applications to support small businesses, also those who are worry about-working, just owners or separate designers. Of a lot people into the Lyft program try notice-functioning or individual their particular team and will qualify.
Such SBA programs is the newest whilst still being in the development, so there is a lot we don’t learn about how the apps work and you may info ents, and will continue steadily to display position centered on the comprehension of the fresh new programs. Money was minimal, therefore we try promising people that desires apply at do it as soon as possible.
There are two apps offered that could offer dollars offers and you may forgivable fund to help you eligible motorists. Read on to get more facts, and you will as well as discover guidance from You Chamber off Business and Small business Management.
Economic Burns off Emergency Loan 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.
Keep in mind that only a few financial institutions / borrowing unions are participating
What is 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.
How much will 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 can i apply? 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.
Income Safety 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 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 can i implement? You can apply for the loan through your bank or credit union. The SBA has a tool autotitleloansplus.com/payday-loans-ok/ 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 must i 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 can 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%. In addition, if you have received an Economic Injury Disaster Loan Emergency Advance, this amount will be subtracted from the amount forgiven.
You do not have to get or even be accepted for financing for the bucks progress
Where do i need to see more info? You can find more information about the Paycheck Protection Program at the following links:
