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.

During this difficult big date, Lyft drivers gamble a critical role, connecting individuals to essential services and you can merchandise-instance medical care, food and medication. We significantly delight in the efforts into the organizations, and now have remember that making money are tough right now.

Under the CARES Act, the tiny Organization Administration (SBA) written the fresh new applications to help with smaller businesses, along with those who are care about-operating, best people or separate builders. Of numerous people towards the Lyft program was care about-functioning or own their unique organization and could be eligible.

Such SBA apps was the newest but still within the invention, generally there is significantly we don’t learn about how the applications will work and you may details ents, and can still share condition centered on all of our knowledge of the newest programs. Finance are restricted, therefore we was guaranteeing people that really wants to apply at do it as fast as possible.

There are two main programs offered that’ll render dollars has and you may forgivable funds to eligible motorists. Read on to get more info, and you will in addition to select recommendations through the You Chamber off Trade and you can Business Government.

Financial Burns off Crisis 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.

What is this program? 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.

Simply how much 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.

That is a new system regarding the SBA which can offer finance to cover forgotten income to possess small businesses (as well as separate contractors) for an enthusiastic 8-times period, and certainly will become forgiven which have proof the loan could have been used in payroll can cost you

How to 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. 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.

You don’t have to carry out or even be approved for that loan to get the bucks advance

When can i receive 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 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.

How do i 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 https://1hrtitleloans.com/payday-loans-ct/, so if you choose to apply, you should do so ASAP.

How can i have 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.

Where do i need to look for additional info? You can find more information about the Paycheck Protection Program at the following links: