Very 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.

With this difficult big date, Lyft motorists enjoy a critical part, linking visitors to extremely important characteristics and you can items-for example healthcare, as well as treatments. We seriously take pleasure in their contributions on the organizations, and have remember that making a profit can be hard today.

Underneath the CARES Act, the tiny Providers Management (SBA) created the programs to support smaller businesses, together with those people who are thinking-working, just people or separate designers. Many vehicle operators to the Lyft platform are notice-employed or own their particular organization and can even meet the requirements.

These types of SBA apps is the newest but still for the advancement, so there is significantly we don’t understand how the software will work and details ents, and certainly will continue to express status according to our knowledge of the newest apps. Fund try minimal, therefore we is actually promising those who would like to apply at exercise as soon as possible.

There’s two apps readily available that’ll promote dollars has and you may forgivable financing to qualified people. Keep reading to get more facts, and you will including get a hold of guidance through the All of us Chamber out-of Commerce and you can Home business Government.

Financial Injury Disaster Loan Emergency 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 all the banks / borrowing from the bank unions are involved

What is actually this option? 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 to 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 am i going to found 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 loansavesolutions.com/title-loans-ct 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 should i implement? 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.

You don’t need to to obtain or be acknowledged getting that loan to receive the cash advance

Where do i need to pick addiitional information? You can find more information about the Paycheck Protection Program at the following links: