So how exactly does a completely independent Contractor for Uber consumes, Lyft, Grubhub, Doordash, Postmates, etc. submit an application for the SBA Paycheck Protection Program (PPP) Loan?Trà My
It is possible to use through any SBA authorized loan provider. I suggest you start with them if you have a good relationship with your bank.
If you should be in search of a beneficial destination to use, Womply (who come up with all the information and knowledge I in the list above) functions as a facilitator placing one-man shop people as well as SBA authorized loan providers. Below are a few things you wish to ensure you have actually in an effort in purchase to use.
1. Be sure you’re qualified.
There are particular requirements you need to fulfill to qualify. (Note: criteria may alter for the renewed financing available at the time of 2020 december)
- You have to have been running being a specialist ahead of 15, 2020 february. I ought to observe that theoretically, in the event that you began contracting between January 1 and February 15 of the 12 months, you may possibly qualify. But, in light associated with the SBA’s guidance that they’ll perhaps not accept January/February figures for self employed people whenever determining the mortgage quantity, you might not manage to gain approval according to too little documents. In the event http://www.badcreditloans4all.com/payday-loans-pa that you began contracting in 2019 or previous, you really need to qualify.
- You have to are now living in the usa.
- As a contractor that is independent you really must have had a web revenue for 2019. Begin to see the explanation previous into the article regarding how its centered on revenue. In the event the claimed expenses had been higher than your income, you will not qualify.
- You shall have to have a Schedule C for 2019, even although you have not filed yet. (Note, you intend to be sure that everything you distribute together with your application fits everything you file in your fees).
2. Get the documents together.
You shall want to have paperwork together that supports your eligibility for the system. You’re going to have to report your earnings and web revenue for 2019, and you’ll have to report which you had been running your company nevertheless as of February 15.
Documentation of 2019 earnings:
- 2019 Schedule C. This will be needed, even although you never have filed your 2019 return yet because of the filing expansion. You will want to finalize that and submit the Schedule C that you’ll be filing.
- All of your 1099’s from your own distribution lovers
- Missing 1099 information, bank statements or invoices showing you might be one-man shop.
Documentation of the 2015 operations: you will require some kind of paperwork which you were running at the time of 15 february. I recommend screenshots from your own profits summaries regarding the various apps, bank statements showing your deposits, and a profit that is monthly loss declaration for January and February (a directory of the month-to-month earnings and range of your costs).
(remember that deadlines passed away in August for funding for the initial round of loans. We will update these pages whenever links become readily available for the December 2020 stimulus.)
Whenever Paycheck Protection Program was introduced, one-man shop individuals are not in a position to use until 10 april. By 15, funds had run out april.
On April 23, President Trump signed a measure that offered money that is additional this system, and applications had been re-opened on April 27. There have been some glitches into the system and lots of the applications were delayed until the 28th.
It’s not understood just how long the funds that are additional be around. Plenty of banking institutions are overrun by applications, and that can wait things. You should do so sooner rather than later if you are planning to apply.