How exactly does an unbiased Contractor for Uber consumes, Lyft, Grubhub, Doordash, Postmates, etc. submit an application for the SBA Paycheck Protection Program (PPP) Loan?
How exactly does an unbiased Contractor for Uber consumes, Lyft, Grubhub, Doordash, Postmates, etc. submit an application for the SBA Paycheck Protection Program (PPP) Loan? You’ll use through any SBA authorized loan provider. I suggest you start with them if you have a good relationship with your bank. I listed above) serves as a facilitator […]
You’ll use through any SBA authorized loan provider. I suggest you start with them if you have a good relationship with your bank.
I listed above) serves as a facilitator putting self employed individuals together with SBA approved lenders if you are looking for a good place to apply, Womply (who put together all the information. Check out things you wish to ensure you have actually in an effort so that you can use.
1. Make certain you’re qualified.
There are specific requirements you need to satisfy to qualify. (Note: criteria may alter for the renewed financing available at the time of December 2020)
- You’ll want been running as a specialist just before February 15, 2020. I ought to remember that theoretically, you may qualify if you started contracting between January 1 and February 15 of this year. But, in light associated with the SBA’s guidance you may not be able to gain approval based on a lack of documentation that they will not accept January/February numbers for self employed individuals when calculating the loan amount. In the event that you began contracting in 2019 or earlier in the day, you really https://badcreditloans4all.com/payday-loans-wa/ need to qualify.
- You need to reside in the usa.
- As a contractor that is independent you really need to have possessed a web revenue for 2019. Start to see the description early in the day when you look at the article regarding how it really is according to revenue. Should your claimed expenses were more than your income, you will not qualify.
- You will have to have a Schedule C for 2019, even although you have not filed yet. (Note, you need to make sure everything you distribute together with your application fits everything you file in your fees).
2. Ensure you get your documentation together.
You shall wish to have documents together that supports your eligibility for the system. You are going to need to report your earnings and profit that is net 2019, and you’ll need certainly to report which you were running your company nevertheless at the time of February 15.
Documentation of 2019 earnings:
- 2019 Schedule C. This can be required, even though you haven’t filed your 2019 return yet because of the filing extension. You shall should finalize that and submit the Schedule C you will 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 one’s 2015 operations: you will require some kind of paperwork you had been running at the time of 15 february. I would suggest 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 listing of the month-to-month earnings and set of your costs).
(remember that deadlines passed away in August for funding for the original round of loans. We are going to upgrade these pages when links become designed for the December 2020 stimulus.)
As soon as the Paycheck Protection Program was introduced, one-man shop individuals are not in a position to use until April 10. By April 15, funds had go out.
On April 23, President Trump finalized a measure that supplied money that is additional this system, and applications had been re-opened on April 27. There have been some problems into the system and lots of the applications had been delayed before the 28th.
It isn’t understood the length of time the funds that are additional be around. Plenty of banking institutions are overrun by applications, and therefore can wait things. You should do so sooner rather than later if you are planning to apply.