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?

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 in search of a great spot to use, Womply (who come up with all the information and knowledge I mentioned above) functions as a facilitator placing one-man shop individuals along with SBA authorized lenders. Here are a few plain things you intend to make certain you have if you wish in purchase to use.

1. Be sure you’re qualified.

There are specific requirements payday loans Montana you need to fulfill to qualify. (Note: criteria may alter for the renewed financing available at the time of 2020 december)

You’ll want been running as a contractor ahead of 15, 2020 february. I ought to remember that technically, in the event that you began contracting between January 1 and February 15 for this 12 months, you could qualify. But, in light associated with SBA’s guidance that they can perhaps not accept January/February figures for self employed people whenever determining the mortgage quantity, you might not have the ability to gain approval considering a not enough documents. In the event that you began contracting in 2019 or earlier in the day, you need to qualify.
You need to are now living in the usa.
As a separate specialist, you really need to have had a web revenue for 2019. Begin to see the description earlier into the day when you look at the article exactly how it’s according to revenue. In the event the claimed expenses had been more than your income, you’ll perhaps not qualify.
You shall must have a Schedule C for 2019, even although you have not filed yet. (Note, you need to make sure that which you distribute together with your application matches everything you file in your fees).

2. Ensure you get your documents together.

You will want paperwork together that supports your eligibility for the system. You will need to report your revenue and net revenue for 2019, and you’ll want to report which you had been running your company nevertheless as of February 15.

Documentation of 2019 earnings:

2019 Schedule C. That is needed, even though you never have filed your 2019 return yet because of the filing extension. You shall want 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 might be one-man shop.

Documentation of one’s 2015 operations: you’ll need some type of paperwork which you had been running as of February 15. 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 directory of the month-to-month earnings and range 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 whenever links become readily available for the December 2020 stimulus.)

As soon as 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 money that is additional this program, and applications had been re-opened on April 27. There have been some problems into the system and plenty of the applications had been delayed before the 28th.

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