How does an unbiased Contractor for Uber consumes, Lyft, Grubhub, Doordash, Postmates, etc. submit an application for the SBA Paycheck Protection Program (PPP) Loan?
It is possible to use through any SBA authorized lender. When you have a great relationship together with your bank, it is advisable to focus on them.
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 intend to be sure you have actually if you wish to be able to use.
1. Ensure you’re qualified.
There are specific requirements you need to fulfill 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 ahead of February 15, 2020. I ought to keep in mind that theoretically, in the event that you began contracting between January 1 and February 15 with this 12 months, you may possibly qualify. Nonetheless, 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 previous, you should qualify.
- You need to reside in the usa.
- Being a separate specialist, you really must have possessed a web revenue for 2019. Look at description earlier in the day within the article exactly how it really is predicated on revenue. Should your claimed expenses had been higher than your income, you will not qualify.
- You shall have to have a Schedule C for 2019, even though 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 taxes).
2. Get the paperwork together.
You will wish to have documentation together that supports your eligibility for the system. You are going to need to report your revenue and profit that is net 2019, and you’ll have to report you had been running your online business nevertheless at the time of February 15.
https://personalbadcreditloans.net/payday-loans-ky/
Documentation of 2019 earnings:
- 2019 Schedule C. This is certainly needed, even although you have never filed your 2019 return yet because of the filing expansion. You shall need certainly 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’ll need some type of documents which you were running at the time of 15 february. I would suggest screenshots from your profits summaries from the various apps, bank statements showing your deposits, and a month-to-month revenue and loss declaration for January and February (a directory of the month-to-month earnings and range of your costs).
3. Apply
(remember that deadlines passed away in August for funding for the round that is original of. We will upgrade these pages whenever links become readily available for the 2020 stimulus. december)
As soon as the Paycheck Protection Program was initially introduced, one-man shop individuals are not in a position to use until 10 april. By April 15, funds had come to an end.
On April 23, President Trump finalized a measure that offered money that is additional this system, and applications had been re-opened on April 27. There have been some problems when you look at the system and lots of the applications were delayed before the 28th.
It’s not understood just how long the extra funds will 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.
