Drivers Is Entitled to Home business Assistance

Drivers Is Entitled to Home business Assistance

Important 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.

With this tricky time, Lyft motorists enjoy a critical part, connecting men and women to important attributes and you can goods-eg healthcare, as well as drug. We deeply appreciate your own benefits on teams, and also keep in mind that making a profit tends to be hard now.

Beneath the CARES Act, the little Team Administration (SBA) composed the fresh apps to help with small enterprises, together with people who are mind-working, best owners or independent contractors. Many drivers for the Lyft system is actually thinking-working otherwise very own their particular organization and can even qualify.

Such SBA applications is actually the latest whilst still being for the creativity, generally there is much we don’t find out about how the software are working and you may facts ents, and certainly will consistently share condition considering our understanding of the newest applications. Fund is actually minimal, therefore we is actually encouraging individuals who desires apply at do it as fast as possible.

There’s two apps offered which could provide dollars provides and forgivable funds to help you qualified drivers. Continue reading to get more details, and you may in addition to see guidance from Us Chamber out of Commerce and you will Business Government.

Financial 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.

What’s this option? 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 cash 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.

It is an alternate program regarding SBA that will offer loans to cover shed earnings to own small businesses (along with independent contractors) to own a keen 8-few days period, and certainly will end up being forgiven which have facts the mortgage might have been used for payroll can cost you

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.

You don’t have to get or perhaps recognized getting financing to receive the money progress

Whenever can i discovered 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 Safeguards 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.

How can i pertain? 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 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 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 online payday LA 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 come across details? You can find more information about the Paycheck Protection Program at the following links:

Leave a Comment

Your email address will not be published. Required fields are marked *