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?

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 <a href=""></a> (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.

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 plain things you wish to be sure you have actually if you wish to be able to apply.

1. Make sure you’re eligible.

There are particular requirements you must fulfill to qualify. (Note: criteria may alter for the renewed financing available at the time of December 2020)

  • You have to have been running as a specialist ahead of February 15, 2020. I ought to observe that theoretically, in the event that you began contracting between January 1 and February 15 with this 12 months, you might qualify. Nevertheless, in light associated with SBA’s guidance that they’ll maybe not accept January/February figures for self used people whenever determining the mortgage quantity, you might not have the ability to gain approval predicated on too little paperwork. In the event that you began contracting in 2019 or earlier in the day, you really need to qualify.
  • You have to reside in the usa.
  • As a contractor that is independent you really need to have possessed a web revenue for 2019. Begin to see the explanation earlier in the day into the article regarding how it’s predicated on revenue. If for example the claimed expenses were higher than your income, you’d perhaps not qualify.
  • You will have to have a Schedule C for 2019, even though you have not filed yet. (Note, you need to ensure that everything you distribute together with your application fits everything you file in your fees).

2. Get the paperwork together.

You will wish to have documents together that supports your eligibility when it comes to program. You’ll have to document your earnings and web revenue for 2019, and you may have to document you had been running your organization nevertheless as of February 15.

Documentation of 2019 earnings:

  • 2019 Schedule C. It is needed, even though you never have filed your 2019 return yet because of the filing expansion. You will need certainly to finalize that and submit the Schedule C you will be filing.
  • All of your 1099’s from your own distribution lovers
  • Absent 1099 information, bank statements or invoices showing you may be one-man shop.

Documentation of the 2015 operations: you’ll need some type of paperwork which you had been operating at the time of February 15. I recommend screenshots from your own profits summaries in the different apps, bank statements showing your deposits, and a month-to-month revenue and loss declaration for January and February (a listing of the month-to-month earnings and listing of your costs).

3. Apply

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

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

On April 23, President Trump finalized a measure that offered money that is additional this program, and applications had been re-opened on April 27. There have been some problems within the scheduled system and a lot of the applications had been delayed until the 28th.

It isn’t understood just how long the funds that are additional be accessible. Plenty of banking institutions are overrun by applications, and therefore can postpone things. If you’re about to use, you ought to do this at some point.

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About Steven Jefferson

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