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 are able to use through any SBA authorized loan provider. When you have a good relationship together with your bank, it is advisable to begin with them.

If you’re hunting for an excellent location to apply, Womply (who come up with all the information and knowledge https://badcreditloanshelp.net/payday-loans-ut/ I in the list above) functions as a facilitator placing one-man shop people along with SBA authorized loan providers. Check out plain things you intend to be sure you have actually to be able so that you can apply.

1. Be sure you’re qualified.

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

  • You have to have been running 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. Nevertheless, in light regarding 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 really need to qualify.
  • You need to reside in the usa.
  • Being a separate specialist, you’ll want possessed a web revenue for 2019. Start to see the description early within the day within the article regarding how it really is centered on revenue. In case the claimed expenses had been more than your income, you’ll maybe not qualify.
  • You will need a Schedule C for 2019, even though you have not filed yet. (Note, you intend to be sure that that which you distribute together with your application fits everything you file in your taxes).

2. Get the paperwork together.

You will want paperwork together that supports your eligibility when it comes to program. You will need to report your revenue and profit that is net 2019, and you’ll need certainly to report which you had been running your company nevertheless at the time of February 15.

Documentation of 2019 earnings:

  • 2019 Schedule C. This really is needed, even although you never have 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 partners
  • Absent 1099 information, bank statements or invoices showing you’re one-man shop.

Documentation of the 2015 operations: you’ll need some kind of documents which you had been running as of 15 february. I recommend screenshots from your own profits summaries in the various apps, bank statements showing your deposits, and a profit that is monthly loss declaration for January and February (a listing of the month-to-month earnings and selection 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 when links become readily available for the December 2020 stimulus.)

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

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

It’s not understood just how long the additional funds will be accessible. Plenty of banking institutions are overrun by applications, and that can postpone things. You should do so sooner rather than later if you are planning to apply.