Motorists Could be Entitled to Business Support

Important 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 tricky date, Lyft drivers gamble a significant character, hooking up individuals crucial characteristics and merchandise-such as for example medical care, food and treatments. I significantly delight in their contributions for the communities, as well as have remember that earning profits could be difficult today.

Beneath the CARES Operate, the tiny Business Administration (SBA) authored the new applications to support smaller businesses, also people who find themselves self-operating, just proprietors otherwise separate contractors. Of numerous people for the Lyft program was thinking-functioning otherwise very own her organization and might be eligible.

Such SBA programs was this new and still during the advancement, generally there is significantly we do not learn about the way the software will work and you may facts ents, and can continue to display position centered on our knowledge of the newest applications. Funds are limited, so we are encouraging those who desires connect with get it done as quickly as possible.

There are 2 programs available that may bring dollars has and you will forgivable funds so you can eligible drivers. Read on for lots more facts, and you will and additionally see suggestions from the Us Chamber regarding Commerce and you will Small company Management.

Monetary Burns Crisis Financing 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.

Note that not totally all banking institutions / borrowing from the bank unions may take place

What exactly is 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.

Just how much am i going to 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 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 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 Security 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 trust-loan.com/title-loans-mt 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 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 can i apply? 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).

Whenever can i incorporate? 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 get 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.

You do not have to obtain or even be acknowledged getting a loan to get the money advance

In which must i find more info? You can find more information about the Paycheck Protection Program at the following links: