Extremely 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.
In this tricky time, Lyft motorists enjoy a significant role, hooking up individuals to important features and you will products-for example medical care, as well as drug. We seriously delight in their contributions with the organizations, and then have keep in mind that earning profits is generally tough immediately.
Under the CARES Operate, the tiny Team Management (SBA) composed the new programs to support small enterprises, together with individuals who are mind-employed, just holders or independent builders. Of a lot drivers on the Lyft system was care about-operating or own her business and might meet the requirements.
These types of SBA programs are the new but still inside advancement, so there is a lot we don’t know about the apps are working and info ents, and will continue steadily to express condition according to our comprehension of brand new apps. Finance was limited, so we are encouraging people who really wants to apply to do so as fast as possible.
There is a check-container for the application where you can mean that might like to be sensed toward cash advance
Continue reading to get more details, and you may together with discover guidance through the You Chamber regarding Trade and you will Business Management.
Monetary Burns off Emergency Financing Emergency 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.
There are two applications readily available that’ll provide cash grants and you can forgivable loans so you’re able to qualified people
What’s 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.
Simply 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 can i implement? 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. 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 am i going to discover 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 Shelter 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 is actually 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. Note that not all banks / credit unions are participating. 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 apply? 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 to have 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 check out the post right here 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.
In which must i find additional info? You can find more information about the Paycheck Protection Program at the following links:
