Vehicle operators Could be Qualified to receive Business Support

9 septembra, 2022 8:36 am Published by Leave your thoughts

Vehicle operators Could be Qualified to receive Business Support

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 go out, Lyft vehicle operators play a payday loans California life threatening role, connecting men and women to essential services and you may goods-eg medical care, as well as medicine. I significantly appreciate the efforts on the communities, and also have understand that making money could be hard now.

Under the CARES Act, the small Team Management (SBA) composed the brand new apps to help with smaller businesses, including those people who are worry about-functioning, sole owners or separate builders. Of numerous people on the Lyft platform try thinking-functioning otherwise own her organization and can even qualify.

Such SBA programs are the new but still during the invention, so there is significantly we don’t understand the programs are working and you will information ents, and will continue to show condition based on our very own comprehension of the apps. Money try minimal, so we are guaranteeing people who desires to apply at do it as soon as possible.

There is a-package with the app where you are able to imply that you’ll want to be believed to the payday loan

Read on for more information, and you may also come across recommendations through the You Chamber out-of Trade and Small business Management.

Financial Burns Disaster Mortgage 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 are two apps offered which could render cash has and you can forgivable fund to eligible motorists

What exactly is this method? 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 discover? 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 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 discovered 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.

Paycheck 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 exactly 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 to 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 should 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 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 do i need to see more information? You can find more information about the Paycheck Protection Program at the following links:

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