Motorists Could be Qualified to receive Home business Assistance

4 novembre 2022 0 Par Laurent Favre

Motorists Could be Qualified to receive Home business Assistance

Essential 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 challenging time, Lyft motorists enjoy a life threatening part, connecting visitors to essential characteristics and you may goods-such as health care, as well as treatments. I deeply take pleasure in your contributions with the organizations, and also understand that making a profit could be tough at this time.

Underneath the CARES Work, the small Organization Government (SBA) written the fresh applications to support smaller businesses, plus folks who are care about-employed, just people otherwise independent builders. Of several drivers into Lyft program try mind-employed otherwise own their own business and may meet the requirements.

Such SBA apps try the but still when you look at the innovation, so there is a lot we do not understand the way the software are working and you will info ents, and certainly will continue to express condition based on the knowledge of this new apps. Funds try restricted, so we was encouraging those who would like to apply to exercise as fast as possible.

There is a check-container on app where you can indicate that you’ll like to be experienced into payday loans

Read on for much more information, and you will in addition to pick guidance from All of us Chamber out-of Trade and you may Business Government.

Economic Injury Disaster Loan Disaster 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.

There have been two programs readily available which could bring cash offers and you can forgivable financing so you’re able to qualified vehicle operators

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.

Just how much am i going to receive? According to the SBA, online payday loan Nebraska 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 am i going to 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.

Paycheck Safety 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 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 ought i pertain? 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.

In which ought i look for details? You can find more information about the Paycheck Protection Program at the following links: