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?

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.

If you’re looking an excellent spot to use, Womply (who come up with all the information and knowledge I in the list above) serves as a facilitator placing one-man shop people along with SBA authorized loan providers. Here are a few plain things you wish to ensure you have actually to be able so that you can use.

1. Be sure you’re qualified.

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

  • You must have been running being a specialist ahead of February 15, 2020 I ought to observe that theoretically, you may qualify if you started contracting between January 1 and February 15 of this year. Nevertheless, in light for 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 earlier in the day, you really need to qualify.
  • You have to are now living in the usa.
  • As a separate specialist, you must have possessed a net revenue for 2019. Begin to see the description earlier in the day into the article about how exactly its considering revenue. In case the claimed expenses had been more than your income, you will not qualify.
  • You will need a Schedule C for 2019, even though you have not filed yet. (Note, you need to be sure that that which you distribute along with your application fits everything you file in your fees).

2. Ensure you get your paperwork together.

You will want paperwork together that supports your eligibility when it comes to system. You are going to need to report your revenue and profit that is net 2019, and you may have to document which you had been running your organization nevertheless at the time of February 15.

Documentation of 2019 earnings:

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

Documentation of the 2015 operations: you will require some type of paperwork which you had been running at the time of 15 february. I recommend screenshots from your own earnings 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 monthly earnings and directory of your costs).

3. Apply

(remember that deadlines passed in August for funding for the initial round of loans. We are going to update this site whenever links become designed for the 2020 stimulus. december)

If the Paycheck Protection Program was introduced, one-man shop individuals are not in a position to use 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 system, and applications had been re-opened on April 27. There have been some problems within the system and lots of the applications had been delayed before the 28th.

It is really not understood just how long the funds that are additional be around. Lots of banking institutions are overwhelmed by applications, and therefore can postpone things. If you’re likely to use, you need to do this eventually.