Drivers Tends to be Entitled to Small company Support

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.

In this difficult go out, Lyft vehicle operators play a critical part, linking men and women to very important attributes and you can services and products-for example health care, food and medicine. I seriously see their contributions to the organizations, and also keep in mind that earning profits are tough right now.

Within the CARES Operate, the little Organization Management (SBA) composed find fast money California the fresh programs to support small businesses, and individuals who are mind-functioning, only owners or independent builders. Of a lot motorists towards Lyft program are notice-employed otherwise very own their unique team and may also qualify.

Such SBA software try the nevertheless inside development, so there is significantly we do not understand the way the programs are working and details ents, and will consistently show condition considering our comprehension of the new applications. Funds is actually limited, therefore we is actually guaranteeing people who wants to apply to take action as quickly as possible.

There are two main applications offered which will provide cash offers and forgivable loans so you’re able to qualified vehicle operators. Continue reading for much more info, and you can along with look for suggestions from Us Chamber away from Business and you can Home business Management.

Economic Injury Disaster Mortgage Emergency Progress: 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.

Remember that not totally all banking companies / borrowing unions are participating

What exactly is 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.

Exactly how much will 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 can i pertain? 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.

Whenever can i receive 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 Defense 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 is 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 apply? 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).

When ought i use? 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 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.

There is no need to carry out or perhaps be approved to possess a loan for the cash progress

In which do i need to find additional info? You can find more information about the Paycheck Protection Program at the following links: