So 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?

So 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 can easily apply through any SBA authorized loan provider. When you have a beneficial relationship together with your bank, it is advisable to focus on them.

If you should be searching for an excellent destination to use, Womply (who come up with all the information and knowledge I in the list above) functions as a facilitator placing one-man shop people as well as SBA authorized loan providers. Below are a few plain things you intend to be sure you have if you wish in purchase to use.

1. Ensure you’re qualified.

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

  • You’ll want been operating being a specialist ahead of 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. Nonetheless, in light associated with the SBA’s guidance you may http://personalbadcreditloans.net/payday-loans-sd/ 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. You should qualify if you started contracting in 2019 or earlier.
  • You need to reside in the usa.
  • Being a independent specialist, you’ll want possessed a web revenue for 2019. Start to see the description early in the day when you look at the article about how exactly it really is centered on revenue. Should your claimed expenses had been more than your income, you will not qualify.
  • You shall must have a Schedule C for 2019, even although you have not filed yet. (Note, you wish to make sure everything you submit along with your application fits everything you file in your taxes).

2. Get the paperwork together.

You shall want paperwork together that supports your eligibility when it comes to system. You’ll have 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.

Documentation of 2019 earnings:

  • 2019 Schedule C. This is certainly needed, even though you have never filed your 2019 return yet as a result of the filing expansion. You will want 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 self employed.

Documentation of one’s 2015 operations: you’ll need some form of documents which you had been running at the time of 15 february. I would suggest screenshots from your profits summaries regarding the various apps, bank statements showing your deposits, and a profit that is monthly loss declaration for January and February (a directory of the month-to-month earnings and variety of your expenses).

3. Apply

(remember that deadlines passed away in August for funding for the round that is original of. We will upgrade this page whenever links become readily available for the 2020 stimulus. december)

If the Paycheck Protection Program was initially 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 were re-opened on April 27. There have been some glitches when you look at the system and lots of the applications had been delayed through to the 28th.

It’s not understood just how long the funds that are additional be around. Lots of banking institutions are overrun by applications, and that can wait things. If you’re intending to apply, you really need to do this at some point.

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