Essential 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 big date, Lyft vehicle operators gamble a significant part, hooking up men and women to very important characteristics and you may items-for example healthcare, food and medicine. I deeply take pleasure in their contributions on communities, while having keep in mind that earning money may be tough immediately.
In CARES Work, the tiny Organization Management (SBA) authored the newest software to support small businesses, in addition to people who are care about-working, only owners otherwise independent contractors. Of several people towards the Lyft system try mind-working or individual their particular providers and may meet the requirements.
These SBA apps try the nonetheless in the creativity, generally there is significantly we don’t understand how the apps work and you may facts ents, and certainly will always display status predicated on the comprehension of new software. Financing is actually restricted, therefore we try guaranteeing individuals who wants to apply at exercise as fast as possible.
There have been two apps available which will offer cash provides and you will forgivable financing in order to eligible Nevada title loan motorists. Continue reading to get more info, and together with look for recommendations from Us Chamber off Trade and you may Small company Management.
Monetary Injury 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.
What is actually 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 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 do 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 can also find detailed directions from the US Chamber of Commerce here.
When am i going to located fee? 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.
Salary 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’s this option? 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 do 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 must i implement? 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 obtain 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.
In which do i need to discover addiitional information? You can find more information about the Paycheck Protection Program at the following links: