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 online payday AL SBA is currently processing existing applications, and may reopen to new applications. We will keep you updated as we have new information.
With this problematic time, Lyft vehicle operators gamble a critical character, hooking up men and women to important features and you will goods-instance health care, as well as medicine. We profoundly take pleasure in the contributions to the communities, and have keep in mind that earning money is generally hard today.
In CARES Work, the little Business Administration (SBA) written the apps to support smaller businesses, plus individuals who are self-employed, best holders otherwise independent builders. Of numerous vehicle operators to the Lyft system is actually thinking-employed or individual their unique business that will qualify.
Such SBA programs was this new nevertheless in the development, generally there is significantly we don’t find out about how apps are working and you may information ents, and will still display position according to our very own knowledge of new programs. Fund was minimal, so we is promising people who really wants to connect with take action immediately.
There have been two apps readily available which will bring dollars provides and you may forgivable money so you can eligible motorists. Keep reading for lots more facts, and you may including find information from the Us Chamber from Trade and you will Small business Government.
Monetary Burns off Disaster Loan Crisis Improve: 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 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.
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.
How can 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.
When can i located 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.
Salary Safety 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’s 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 can 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 should 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 do i 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.
Where ought i get a hold of facts? You can find more information about the Paycheck Protection Program at the following links:
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