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.
During this tricky time, Lyft drivers play a critical part, connecting visitors to crucial attributes and you will goods-like health care, food and treatments. We seriously enjoy your own contributions with the communities, as well as have remember that making a profit can be difficult at this time.
In CARES Act, the little Organization Administration (SBA) authored the latest applications to help with small enterprises, as well as those people who are care about-functioning, sole holders or separate designers. Of a lot drivers to your Lyft program was self-operating or individual her company and can even qualify.
These types of SBA software try the fresh nonetheless from inside the invention, so there is a lot we do not know about how apps are working and you will facts ents, and can continue steadily to share status based on our very own knowledge of the fresh new programs. Money was minimal, therefore we are encouraging those who desires affect do so immediately.
There are two main apps readily available that will provide cash offers and you may forgivable fund in order to qualified people. Read on for much more facts, and as well as get a hold of information through the All of us Chamber out of Business and you can Home business Administration.
Economic Burns off Disaster Mortgage Disaster 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.
Note that never assume all banks / borrowing unions may take place
What is actually this choice? 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 located? According to the SBA, the grants http://trust-loan.com/payday-loans-mi 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.
Whenever will i located 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.
Paycheck Cover 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 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 can 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).
When 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 can 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 obtain or perhaps approved for financing to get the money improve
In which must i discover considerably more details? You can find more information about the Paycheck Protection Program at the following links: