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.

In this problematic time, Lyft vehicle operators play a life threatening character, connecting men and women to extremely important properties and you will items-such health care, as well as medicine. We profoundly delight in their benefits into groups, and also have remember that making a profit is generally hard right now.

Beneath the CARES Work, the tiny Company Government (SBA) written the brand new programs to help with small businesses, together with individuals who are worry about-employed, best holders otherwise independent builders. Of numerous vehicle operators towards the Lyft platform is thinking-functioning otherwise individual her company and may qualify.

Such SBA software is the latest whilst still being during the invention, generally there is a lot we do not find out about how the applications are working and details ents, and will always display position according to our very own understanding of the fresh applications. Funds are limited, therefore we try encouraging people who really wants to connect with take action as quickly as possible.

There are two main applications available that may render bucks grants and you will forgivable money so you’re able to qualified drivers. Keep reading for much more information, and you will together with look for information from the All of us Chamber off Commerce and you may Small company Administration.

Financial Burns 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.

Remember that not totally all banking companies / borrowing from the bank unions are participating

What exactly is 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.

How much cash 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 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. 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.

Whenever can i found 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 Safety Program: in addition to the Economic Injury Disaster Loan Emergency Advance, some drivers may also want to apply for press this link here now 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 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 pertain? 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 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 do i obtain 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.

You don’t need to get or perhaps be accepted for financing to receive the cash improve

In which should i get a hold of additional info? You can find more information about the Paycheck Protection Program at the following links: