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.
During this challenging time, Lyft people play a serious role, linking individuals to extremely important features and you can products-including medical care, as well as medication. We deeply see their efforts on the organizations, and get just remember that , making money could be tough now.
Small enterprises, plus separate builders and you may notice-employed someone, meet the criteria to try to get a monetary Injury Crisis Financing improve as much as $10,one hundred thousand
According to the CARES Act, the little Providers Management (SBA) authored the brand new programs to help with small businesses, along with people who are worry about-working, best people otherwise separate builders. Many people with the Lyft platform is actually thinking-employed otherwise very own their organization that can meet the requirements.
Such SBA software is actually new nonetheless when you look at the invention, so there is significantly we don’t learn about how the software will work and you may info ents, and certainly will always share updates centered on our very own knowledge of the fresh apps. Finance try minimal, therefore we was guaranteeing individuals who really wants to apply at do it immediately.
There have been two apps readily available which could render cash grants and you may forgivable financing so you’re able to qualified vehicle operators. Keep reading for lots more information, and you may in addition to discover recommendations from the United states Chamber out-of Trade and Business Management.
Financial Burns Crisis Financing Disaster 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.
Observe that not totally all banks / borrowing from the bank unions are participating
Simply how much can 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 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 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.
Whenever will i receive 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.
Income Cover 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 payday loans KY 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 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 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).
Whenever can 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 loan 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.
In which can i look for more information? You can find more information about the Paycheck Protection Program at the following links: