Essential 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 challenging big date, Lyft motorists play a significant role, hooking up visitors to extremely important attributes and you may merchandise-such as for example health care, as well as drug. I significantly enjoy your own contributions to the teams, and also have understand that earning money is difficult today.
In CARES Operate, the small Organization Management (SBA) authored the fresh programs to help with small businesses, also folks who are worry about-functioning, best owners otherwise independent designers. Many people towards Lyft system are care about-working or own their particular organization that can qualify.
This type of SBA applications are brand new but still within the invention, so there is a lot do not discover how apps will work and you will details ents, and can continue to express status centered on our very own knowledge of the newest software. Money are restricted, so we was guaranteeing people that wants to affect exercise as fast as possible.
There are 2 apps readily available which could give cash has and you may forgivable funds so you’re able to eligible motorists. Keep reading to get more info, and you will including look for advice from the You Chamber away from Commerce and Small company Government.
Monetary Injury Crisis Financing Disaster 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.
Keep in mind that not totally all finance companies / credit unions are involved
What’s this program? 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 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 incorporate? 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.
When can i located commission? According to the SBA, advance funds will be made available within 3 days of a successful application. However, processing right here times have been delayed due to the large volume of applications.
Paycheck Security 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 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 do i implement? 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 ought 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 can i have 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.
You don’t need to to get or even be accepted to own financing for the money get better
Where can i select more info? You can find more information about the Paycheck Protection Program at the following links: