Extremely 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 problematic go out, Lyft people gamble a serious part, linking individuals important attributes and you will items-particularly health care, food and treatments. We deeply delight in your own efforts on organizations, and also keep in mind that making money could be tough right now.
Within the CARES Act, the little Organization Government (SBA) composed the new apps to help with small enterprises, and additionally those who are worry about-operating, sole owners or independent contractors. Of numerous drivers towards Lyft platform was thinking-functioning or individual her company that can meet the requirements.
This type of SBA programs is the fresh new nonetheless in the creativity, generally there is a lot do not learn about the way the software are working and you will facts ents, and certainly will continue steadily to express updates centered on the comprehension of the brand new apps. Funds was minimal, so we is promising those who would like to apply to get it done as soon as possible.
There are 2 apps available that will provide cash grants and you will forgivable financing in order to eligible drivers. Continue reading for much more details, and and find pointers through the All of us Chamber out-of Business and you will Small business Government.
Economic Injury Crisis Financing 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.
Keep in mind that not all banking institutions / borrowing from the bank unions may take place
What exactly is this method? 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.
Exactly how much can i 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 pertain? You can access the grant by applying for a COVID-19 Economic Injury read this post here 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 am i going to receive 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.
Income Defense 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 method? 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 implement? 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 ought 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 have 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.
There is no need to take out or perhaps be acknowledged to possess a loan to receive the cash improve
In which can i look for more info? You can find more information about the Paycheck Protection Program at the following links: