Very 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.
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Under the CARES Work, the little Organization Administration (SBA) written the newest programs to help with smaller businesses, together with people that are self-operating, just holders or separate designers. Of many vehicle operators for the Lyft system was mind-functioning or own their particular company and could qualify.
This type of SBA programs try new but still into the creativity, generally there is significantly we do not find out about the apps are working and you may info ents, and certainly will still show updates based on our understanding of brand new programs. Funds try limited, therefore we try guaranteeing those who wants to apply at do it as quickly as possible.
There are two programs offered which could promote cash has and you may forgivable funds so you can qualified people. Read on to get more info, and including see information from United states Chamber of Commerce and you may Business Government.
Financial Burns Emergency Loan Crisis Improve: 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.
Try to finish the application for the loan function (their financial may have an online variation), and gives data since the proof of your revenue (the government has not yet finalized certain requirements, nonetheless it will likely tend to be taxation forms including the 1099-MISC)
What is this program? Small business https://paydayloansexpert.com/payday-loans-in/ellettsville/ 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 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 can i pertain? 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.
When can i discover 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 Safeguards 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’s 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 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.
How can 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.
In which can i pick addiitional information? You can find more information about the Paycheck Protection Program at the following links: