Crucial Note: 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 challenging day, Lyft vehicle operators enjoy a critical part, hooking up men and women to essential properties and you can services and products-such as for instance medical care, as well as drug. I deeply delight in the contributions to your communities, and then have keep in mind that earning profits are hard right now.
Beneath the CARES Operate, the small Business Government (SBA) authored the fresh new applications to support smaller businesses, in addition to those people who are thinking-working, best owners or independent contractors. Many people toward Lyft system are thinking-working or own their business and may be eligible.
These SBA software is actually the brand new and still into the advancement, generally there is much we don’t understand the applications are working and you may details ents, and certainly will consistently show position considering the knowledge of this new apps. Financing was minimal, therefore we was promising those who desires to affect do so as soon as possible.
There have been two software readily available that will provide dollars grants and you will forgivable fund so you can eligible drivers. Continue reading for lots more facts, and you may including get a hold of information from United states Chamber regarding Commerce and you may Home business Government.
Financial Burns Disaster Loan Emergency 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 only a few banking companies / borrowing unions are participating
What’s this choice? 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 can i found? 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 incorporate? 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.
When 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.
Paycheck Coverage 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 exactly is this choice? This is a new program from the SBA that https://1hrtitleloans.com/payday-loans-or/ 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 incorporate? 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 do i need to use? 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 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 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 accepted to have that loan to receive the money progress
In which can i find much more information? You can find more information about the Paycheck Protection Program at the following links: