Motorists Tends to be Entitled to Small company Service
Discover a cover towards the loans designed for the borrowed funds, when you love to implement, you have to do very At the earliest opportunity
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.
With this problematic go out, Lyft people gamble a life threatening character, connecting individuals to important characteristics and you may items-including healthcare, food and drug. I seriously take pleasure in your own benefits with the teams, and possess understand that making money may be tough immediately.
Beneath the CARES Act, the small Business Government (SBA) created the new apps to support small enterprises, in addition to those people who are notice-operating, just owners otherwise separate contractors. Of several motorists to your Lyft system was thinking-working or individual their particular providers and can even be eligible.
These SBA programs is actually the fresh new but still inside the invention, so there is much we do not find out about how apps are working and you may information ents, and will still express condition predicated on our knowledge of the new apps. Financing was minimal, therefore we is actually encouraging people who desires affect do so as fast as possible.
There are two software offered which could render dollars has and forgivable loans so you can qualified motorists. Continue reading for more facts, and you can also pick suggestions from the Us Chamber from Commerce and Business Management.
Financial Burns Disaster Loan Disaster Advance: 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 can i discovered? 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 do not have to take out or be approved for a loan to receive the cash advance. You can also find detailed directions from the US Chamber of Commerce here.
When will i receive commission? 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 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 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.
Remember that not absolutely all banks / credit unions may take place
How do i 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).
How to 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.
Where ought i discover more info? You can find more information about the Paycheck Protection Program at the following links: