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.
During this difficult day, Lyft people gamble a significant character, hooking up visitors to extremely important attributes and you will goods-like healthcare, food and medicine. I significantly appreciate your own efforts to your groups, and get understand that earning money is generally tough right now.
Underneath the CARES Operate, the little Business Management (SBA) authored the programs to help with smaller businesses, plus folks who are mind-operating, sole people or separate contractors. Of numerous people to the Lyft platform is care about-employed or very own their company and can even be eligible.
These types of SBA applications is new and still in the creativity, generally there is a lot we do not know about the way the programs will work and you will info ents, and can always display updates predicated on all of our knowledge of the newest programs. Fund try minimal, so we are guaranteeing people who would like to connect with do it immediately.
There are 2 software readily available that’ll bring bucks grants and you can forgivable finance so you’re able to eligible drivers. Continue reading to get more info, and you may together with find guidance from the You Chamber regarding Commerce and Small company Administration.
Financial Burns off Emergency Financing Disaster 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 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.
Exactly how much can i discovered? 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.
This is certainly another program regarding SBA that will render funds to fund forgotten earnings to have small enterprises (and additionally separate designers) to possess an 8-times several months, and can feel forgiven which have proof your loan has been employed for payroll will cost you
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 can also find detailed directions from the US Chamber of Commerce here.
You don’t need to to obtain or be acknowledged getting that loan to get the money improve
Whenever can i located fee? According to the SBA, advance funds will be made available https://1hrtitleloans.com/payday-loans-pa/ within 3 days of a successful application. However, processing times have been delayed due to the large volume of applications.
Income Protection 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 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. 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 can i pertain? 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 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 should i get a hold of info? You can find more information about the Paycheck Protection Program at the following links: