How exactly does a completely independent Contractor for Uber consumes, Lyft, Grubhub, Doordash, Postmates, etc. apply for the SBA Paycheck Protection Program (PPP) Loan?

How exactly does a completely independent Contractor for Uber consumes, Lyft, Grubhub, Doordash, Postmates, etc. apply for the SBA Paycheck Protection Program (PPP) Loan?

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 location to use, Womply (who built all the information and knowledge I in the list above) functions as a facilitator placing one-man shop people as well as SBA approved loan providers. Check out plain things you need to be sure you have actually to be able in purchase to use.

1. Be sure you’re qualified.

There are specific requirements you need to fulfill to qualify. (Note: criteria may alter for the renewed capital available at the time of 2020 december)

  • You’ll want been running as being a specialist ahead of 15, 2020 february. I ought to remember that theoretically, in the event that you started contracting between January 1 and February 15 of the 12 months, you could qualify. Nonetheless, in light of this SBA’s guidance that they can maybe not accept January/February figures for self used people whenever determining the mortgage quantity, may very well not manage to gain approval according to deficiencies in documents. You should qualify if you started contracting in 2019 or earlier.
  • You need to reside in america.
  • As a separate specialist, you really need to have had a web revenue for 2019. Look at description earlier in the day within the article on how it really is according to revenue. If the claimed expenses were more than your revenue, you’ll perhaps not qualify.
  • You shall must have a Schedule C for 2019, even though you have not payday loans in New York no credit check filed yet. (Note, you wish to be sure that everything you distribute together with your application fits everything you file in your taxes).

2. Get the paperwork together.

You shall wish to have paperwork together that supports your eligibility when it comes to program. You are going to need to report your earnings and profit that is net 2019, and you may want to document which you had been operating your business nevertheless at the time of February 15.

Documentation of 2019 income:

  • 2019 Schedule C. That is needed, even although you haven’t filed your 2019 return yet because of the filing expansion. You shall have 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 will be one-man shop.

Documentation of the 2015 operations: you will require some type of documents which you had been running at the time of February 15. I would suggest screenshots from your own earnings 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 monthly earnings and range of your costs).

3. Apply

(remember that deadlines passed away in August for funding for the initial round of loans. We are going to upgrade this site whenever links become designed for the December 2020 stimulus.)

Whenever Paycheck Protection Program was introduced, one-man shop individuals are not in a position to apply until 10 april. By April 15, funds had go out.

On April 23, President Trump finalized a measure that supplied money that is additional this program, and applications had been re-opened on April 27. There have been some problems into the scheduled program and lots of the applications had been delayed through to the 28th.

It is really not understood just how long the funds that are additional be accessible. Plenty of banking institutions are overrun by applications, and that can postpone things. If you should be about to use, you need to achieve this at some point.