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 day, Lyft people enjoy a serious character, linking men and women to essential features and goods-such as for example health care, food and drug. We profoundly delight in their contributions toward teams, and just have remember that making a profit is generally hard immediately.
Under the CARES Act, the tiny Team Management (SBA) composed the newest apps to support small enterprises, in addition to individuals who are care about-working, just owners or separate designers. Many vehicle operators on the Lyft program was mind-functioning or own their own providers and could be eligible.
This type of SBA apps was brand new nonetheless for the development, generally there is significantly we do not realize about the way the applications are working and you may facts ents, and will continue steadily to express position considering our comprehension of the programs. Finance are restricted, so we try guaranteeing individuals who desires to affect exercise as fast as possible.
There are 2 applications available which will give bucks grants and you will forgivable financing to eligible vehicle operators. Continue reading for much more information, and you may and discover information from United states Chamber out of Business and Home business Government.
Financial Burns Disaster Loan Disaster Get better: 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.
Observe that not absolutely all banking companies / borrowing from the bank unions may take place
What’s 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.
Just how much will 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 do i use? 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 am i going to found 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.
Paycheck Cover 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 choice? 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 ought i pertain? 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 get the financing 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 to get or be recognized to possess financing to get the cash progress
In which should i find more details? You can find more information about the Paycheck Protection Program at the following links: