[PeAceMaKer769]

So April 10th is here and it's the turn for independent contractors to apply.

Unfortunately, almost every bank requires a business relationship or previous loan activity. I have Chase and I cannot apply without a business bank account.

I found a bank that it appears will accept applications without you being a previous customer or having a business account! Best of luck to all of us.

https://www.fountainheadcc.com/ppp

 

[ChrisFZ]

https://www.forbes.com/sites/briant...from-new-and-non-bank-customers/#64ed1350b950

Tip:
Had to view Turbotax tax return (PDF format) in Google Chrome to "Save As" "Custom" to breakout pages 6 and 7 for Schedule C submission.

 

[PeAceMaKer769]

https://www.forbes.com/sites/briant...from-new-and-non-bank-customers/#64ed1350b950

Tip:
Had to view Turbotax tax return (PDF format) in Google Chrome to "Save As" "Custom" to breakout pages 6 and 7 for Schedule C submission.

I went to most of those links. Thank you so much!

The best application by far is Veem: https://www.veem.com/sba-ppp/ It lets you enter SS# instead of EIN# and you are actually uploading the three financial documents required: bank statements, payroll calculator, and tax document. I just uploaded my Uber monthly reports. But I actually feel like they have all the information I could give them. It feels promising. I would try Veem everyone. For "payroll" just put your actual profits and be safe about it. It would still be a big check. Again Chris, thanks for the link. Fingers crossed here.

 

[ChiGuy]

Requested loan amount is an interesting question.

 

[AllenChicago]

Requested loan amount is an interesting question.

I think many Lyft/Uber drivers are confusing the PPP program with the EIDL (up to $10k grant) program.

This is the $10K Grant program that can be applied for via the Small Business Administration website.

https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance

 

[PeAceMaKer769]

I think many Lyft/Uber drivers are confusing the PPP program with the EIDL (up to $10k grant) program.

This is the $10K Grant program that can be applied for via the Small Business Administration website.

https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance

Don't you think it might be a tad confusing to put a link to the EIDL program on a thread titled PPP loan update?

 

[ChiGuy]

I think many Lyft/Uber drivers are confusing the PPP program with the EIDL (up to $10k grant) program.

This is the $10K Grant program that can be applied for via the Small Business Administration website.

https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance

I was talking about the PPP when you start the application there is question how much you'd like to get whereas with EIDL is up to $10k. No confusion here at least for me. I was curious how much do you guys ask for.

 

[Anonymousdude]

I went to most of those links. Thank you so much!

The best application by far is Veem: https://www.veem.com/sba-ppp/ It lets you enter SS# instead of EIN# and you are actually uploading the three financial documents required: bank statements, payroll calculator, and tax document. I just uploaded my Uber monthly reports. But I actually feel like they have all the information I could give them. It feels promising. I would try Veem everyone. For "payroll" just put your actual profits and be safe about it. It would still be a big check. Again Chris, thanks for the link. Fingers crossed here.

View attachment 445619

I'm following your advice and applying through Veem. What did you submit for the IRS Form 941? I only received your typical 1044, schedule C's etc.. I'm stuck on what do upload to upload for IRS Form 941.

 

[PeAceMaKer769]

I'm following your advice and applying through Veem. What did you submit for the IRS Form 941? I only received your typical 1044, schedule C's etc.. I'm stuck on what do upload to upload for IRS Form 941.

That is where I uploaded my Uber 2019 tax summary.

 

[ChiGuy]

To my knowledge is a good idea to upload tax return for 2019. At least this is what Chase requires, I doubt will be any different through Veem.

 

[PeAceMaKer769]

There is unlimited uploads. I literally just uploaded everything I have. Tax statement, uber statements. you can upload bank statements too.

 

[munlochi]

How much did you ask for?

Formula is gross earnings divided by 12 * 2.5

 

[PeAceMaKer769]

1750. Cause I said pay was 700.

 

[ChiGuy]

Did you really entered $1750 as loan requested amount or just messing with us?

 

[munlochi]

I don't think he's messing with us. What do you mean that you said pay was 700?

They're asking for your yearly gross sales so how much did you earn on uber, pre deductions and fees?

So lets say its 4k a month, that'd be 48k yearly. Formula is yearly/12 and then times it by 2.5 months. So the most you could ask for is 10k. If you use it to pay yourself (75%) and the other 25% for maintenance. It could be forgivable.

Terms are:

2 years, no payments first 6 months, 1% interest rate

By taking PPP you cannot file for UI. It's a loan to pay yourself or your employees if its more than just you.

 

[PeAceMaKer769]

I only asked for $1750 because last year I only had $1200 revenue with profit of $450. I’ve only been working full-time with Uber this year starting January. So I couldn’t ask for much. One application said the minimum to ask for was $1100. So I don’t know, I pulled the number out of a hat.

 

[AllenChicago]

If Democrats don't agree to allow an additional 250 billion dollars to be added to the paycheck Protection Program this week, the fund will be exhausted by Friday.

 

[Antenna]

Got this from SBA

(I applied on 3/30
App # 33003...
Credit record has not been checked )

Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:

.....
I think it means nothing, it is not even personalized.

 

[ChrisFZ]

Mine says same.
Applied March 27th during the leaked bank account number period. Then again for the revised "we promise not to leak your bank account" round.
This is the first correspondence. Ever.

 

[SatMan]

Yep, I just checked… I got the same thing