Extremely 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.
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Under the CARES Act, the little Company Management (SBA) composed brand new applications to support smaller businesses, along with those people who are self-working, sole owners otherwise separate contractors. Of several drivers for the Lyft platform is self-operating or individual their providers and will be eligible.
These SBA software are new whilst still being for the innovation, so there is much do not find out about how the software work and information ents, and can continue steadily to show standing considering our knowledge of brand new apps. Fund is actually limited, so we was promising individuals who wants to apply to do it as fast as possible.
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Read on for more facts, and you can together with look for recommendations from the United states Chamber regarding Trade and you will Small business Government.
Monetary Burns Crisis Financing 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.
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What’s this choice? 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 will i discover? 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 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. You do not have to take out or be approved for a loan to receive the cash advance. You can also find detailed directions from the US Chamber of Commerce here.
When will 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.
Income Protection 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 actually this program? 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. Note that not all banks / credit unions are participating. 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 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 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 look for considerably more details? You can find more information about the Paycheck Protection Program at the following links: