Extremely 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.
In this tricky big date, Lyft vehicle operators play a critical role, linking people to essential features and items-such as for instance medical care, as well as treatments. We deeply delight in their contributions with the teams, and also have just remember that , making a profit is tough at this time.
You will find a limit into fund designed for the borrowed funds, so if you choose to implement, you have to do therefore At the earliest opportunity
Under the CARES Operate, the little Team Administration (SBA) created the brand new applications to support small businesses, and additionally folks who are thinking-operating, just proprietors otherwise independent designers. Of several vehicle operators towards Lyft program are mind-operating otherwise very own their own business and may be eligible.
These SBA apps is new and still during the creativity, so there is a lot we do not realize about the way the programs work and facts ents, and will consistently display reputation according to all of our comprehension of the latest applications. Loans try minimal, therefore we was encouraging people who desires connect with take action as soon as possible.
There are two programs offered that will render dollars grants and you will forgivable financing so you’re able to eligible drivers. Continue reading for more info, and including see pointers through the United states Chamber off Commerce and you can Home business Government.
Monetary Injury Disaster Financing Crisis Advance: 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.
Make an effort to complete the loan application form (your own lender might have an on-line type), and provide files since proof your earnings (government entities has not yet signed the prerequisites, nonetheless it might include income tax models including the 1099-MISC)
What 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 will i located? 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 implement? 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 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 can i 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.
Income Safeguards 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 exactly 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, payday loans Lakeland 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. Note that not all banks / credit unions are participating. The SBA has a tool for finding participating lenders here.
How to 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.
In which must i see addiitional information? You can find more information about the Paycheck Protection Program at the following links: