Important 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 day, Lyft people play a significant character, linking visitors to very important functions and you can goods-such as for instance health care, as well as medication. We seriously see your benefits into communities, and just have just remember that , earning money tends to be hard at this time.
Under the CARES Operate, the small Team Administration (SBA) composed the latest programs to support smaller businesses, as well as those people who are care about-employed, just proprietors or separate contractors. Of numerous vehicle operators into Lyft platform was thinking-employed otherwise own her organization and may qualify.
These types of SBA software is the fresh new nonetheless during the advancement, generally there is much do not learn about the way the software work and you can details ents, and can always display condition according to our very own comprehension of the fresh new software. Fund is actually restricted, so we is encouraging people who really wants to affect exercise immediately.
There are two main apps offered which will render bucks offers and you can forgivable financing in order to eligible people. Continue reading to get more info, and you can and additionally look for suggestions from Us Chamber off Trade and Small business Administration.
Economic Burns Disaster Loan Disaster Improve: 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 financial institutions / credit unions are involved
What is actually 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 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 to 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 https://nationaltitleloan.net/payday-loans-ny/ from the US Chamber of Commerce here.
When can i 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 Safeguards 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 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 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 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 do i obtain 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 get or perhaps be acknowledged to own financing to receive the bucks improve
Where should i get a hold of considerably more details? You can find more information about the Paycheck Protection Program at the following links: