How exactly does an unbiased Contractor for Uber consumes, Lyft, Grubhub, Doordash, Postmates, etc. apply for the SBA Paycheck Protection Program (PPP) Loan?
You can easily 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. Below are a few things you wish to be sure you have actually in order so that you can use.
1. Make certain you’re qualified.
There are specific criteria you need to satisfy to qualify. (Note: criteria may alter for the renewed capital available at the time of 2020 december)
- You must have been running being a specialist ahead of 15, 2020 february. I ought to remember that theoretically, you may qualify if you started contracting between January 1 and February 15 of this year. Nevertheless, in light for the SBA’s guidance that they’ll perhaps not accept January/February figures for self used people whenever calculating the mortgage quantity, you may not have the ability to gain approval according to deficiencies in documents. You should qualify if you started contracting in 2019 or earlier.
- You need to live in america.
- As a independent specialist, you’ll want had a web revenue for 2019. Begin to see the description previous into the article about how precisely its predicated on profit. If for example the claimed expenses had been more than your income, you will not qualify.
- You will have to have a Schedule C for 2019, even although you haven’t filed yet. (Note, you need to be sure that that which you distribute together with your application fits everything you file in your fees).
2. Get the paperwork together.
You shall wish to have paperwork together that supports your eligibility for the system. You will need to report your earnings and profit that is net 2019, and you’ll want to report which you had been running your company nevertheless at the time of February 15.
Documentation of 2019 income:
- 2019 Schedule C. This will be needed, even though you have never filed your 2019 return yet as a result of the filing extension. You will should finalize that and submit the Schedule C you will be filing.
- All of your 1099’s from your own distribution partners
- Missing 1099 information, bank statements or invoices showing you may be one-man shop.
Documentation of one’s 2015 operations: you’ll need some type of paperwork which you had been running at the time of February 15. I would suggest screenshots from your own profits summaries from 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 range of your costs).
(remember that deadlines passed away in August for funding for the round that is original of. We are going to upgrade this site whenever links become designed for the 2020 stimulus. december)
If the Paycheck Protection Program was introduced, one-man shop individuals weren’t in a position to use until 10 april. By 15, funds had run out april.
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 within the scheduled system and lots of the applications had been delayed before the 28th.
It is really not understood the length of time the extra funds will be around. Lots 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.