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.
During this problematic date, Lyft people enjoy a critical character, connecting people to extremely important characteristics and you may services and products-instance healthcare, as well as medicine. I significantly appreciate the benefits into the communities, and also keep in mind that earning profits tends to be tough now.
In CARES Work, the tiny Team Government (SBA) created this new programs to help with smaller businesses, also people who are care about-working, only proprietors or independent builders. Of a lot motorists for the Lyft platform is actually worry about-operating otherwise very own her business and may qualify.
These SBA programs was the new nevertheless inside the advancement, so there is much we do not know about the applications will work and you can details ents, and certainly will always express position centered on our very own comprehension of the latest applications. Funds was restricted, therefore we try encouraging people that really wants to apply to exercise as quickly as possible.
Continue reading for much more information, and you can in addition to look for advice through the You Chamber from Trade and Business Administration.
Monetary Burns off Crisis Mortgage 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 will i discover? 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 to pertain? 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.
Whenever will i discover 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 Shelter 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 actually this method? 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 implement? 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 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 to have 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.
In which must i discover details? You can find more information about the Paycheck Protection Program at the following links:
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