Drivers Are Eligible for Business Support

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 difficult go out, Lyft motorists play a life threatening role, hooking up men and women to extremely important features and you will products-eg health care, food and treatments. I seriously take pleasure in your benefits with the teams, as well as have remember that making money tends to be difficult at this time.

In CARES Act, the small Business Administration (SBA) composed the brand new programs to support smaller businesses, along with individuals who are self-employed, just owners or independent designers. Of numerous motorists to your Lyft program is care about-functioning or individual their unique company and may even be eligible.

Such SBA applications are brand new and still into the creativity, generally there is a lot we don’t understand how the apps will work and you can info ents, and will still share updates predicated on our understanding of the latest applications. Finance try limited, therefore we is actually guaranteeing those who desires apply at take action as soon as possible.

There are two applications readily available that will provide bucks grants and you can forgivable funds to help you qualified motorists. Keep reading for more facts, and you may also look for guidance from the Us Chamber from Business and you can Business Government.

Monetary Burns Disaster Loan 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.

Keep in mind that not totally all finance companies / borrowing from the bank unions are participating

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 will 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.

How to 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.

When will i discover 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.

Salary 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.

What’s this choice? 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 use? 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 to obtain the loan forgiven? Submit a written request to your lender. At least seventy five percent of the loan https://loansavesolutions.com/title-loans-al/ 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 perhaps accepted to own financing to receive the cash progress

Where ought i see much more information? You can find more information about the Paycheck Protection Program at the following links: