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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 (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 (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.

If you’re searching for a good 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 along with SBA authorized loan providers. Here are a few things you need to ensure you have actually to be able in order to use.

1. Be sure you’re qualified.

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

  • You’ll want been running as being a specialist just before February 15, 2020. I will remember that theoretically, you may qualify if you started contracting between January 1 and February 15 of this year. Nevertheless, in light of this 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. You should qualify if you started contracting in 2019 or earlier.
  • You have to are now living in the usa.
  • As a contractor that is independent you really need to have possessed a web profit for 2019. Start to see the description early in the day into the article about how exactly it’s according to profit. Should your claimed expenses had https://badcreditloans4all.com/payday-loans-sd/ been higher than your income, you’d perhaps not qualify.
  • You shall have to have a Schedule C for 2019, even although you have not filed yet. (Note, you need to be sure that that which you distribute along with your application matches everything you file in your fees).

2. Get the paperwork together.

You will wish to have paperwork together that supports your eligibility when it comes to system. You’re going to have to report your revenue and web revenue for 2019, and you may have to report which you had been running your organization nevertheless at the time of February 15.

Documentation of 2019 earnings:

  • 2019 Schedule C. This will be needed, even though you never have filed your 2019 return yet as a result of the filing expansion. You will 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 kind of paperwork which you had been running at the time of February 15. I would suggest screenshots from your own profits summaries in the different 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 costs).

3. Apply

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

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

On April 23, President Trump finalized a measure that offered more money for this program, and applications had been re-opened on April 27. There have been some problems when you look at the system and plenty of the applications had been delayed before the 28th.

It is really not understood the length of time the extra funds will be available. Lots of banking institutions are overrun by applications, and therefore can wait things. You should do so sooner rather than later if you are planning to apply.

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