Extremely 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 tricky time, Lyft vehicle operators gamble a life threatening role, linking people to essential characteristics and you can products-such health care, as well as medicine. We deeply take pleasure in your own benefits with the organizations, and get keep in mind that making a profit could be hard right now.

Beneath the CARES Operate, the little Providers Government (SBA) created the new software to help with smaller businesses, along with those who are care about-employed, best people or separate designers. Of many vehicle operators for the Lyft platform was care about-functioning or very own their own providers that can qualify.

These types of SBA software is actually the latest nonetheless inside invention, so there is a lot we don’t realize about the applications are working and info ents, and certainly will always share position according to our very own understanding of the fresh software. Financing is minimal, therefore we was guaranteeing people who would like to affect take action immediately.

There is certainly a check-field on app where you are able to imply that you might like to be believed into cash advance

Keep reading to get more information, and including get a hold of suggestions from You Chamber out of Trade and you will Small business Administration.

Financial Burns off Disaster 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.

There have been two apps offered that could provide dollars offers and you may forgivable money to help you eligible drivers

What exactly is 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 can i receive? 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 do i use? 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 discovered 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 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 online title loans Tennessee no credit check 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 exactly is 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 to implement? 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 must 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 obtain 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.

In which should i discover additional information? You can find more information about the Paycheck Protection Program at the following links: