[plocp]

Uber/Lyft driver, all individual contractors qualify, started today 4/3, up to 25k free money, I just applied today, GLGL
Just apply what ever it's free out there, they might not approved you, but you got nothing to lose

 

[No_Username]

Uber/Lyft driver, all individual contractors qualify, started today 4/3, up to 25k free money, I just applied today, GLGL

where did u apply?

 

[plocp]

where did u apply?

Apply with your own bank, if you bank with BOA, go to their website and apply for it, it's there

 

[atthehop]

Is it a Loan, or a grant. Loans usually need to be repaid.

 

[plocp]

Is it a Loan, or a grant. Loans usually need to be repaid.

They said SBA will forgive the loan

 

[atthehop]

You have employees as a uber driver?

 

[plocp]

You have employees as a uber driver?

You are self-employed, you are your own employee

 

[CYP]

Lol have fun either paying that back or going to jail or both

 

[plocp]

Lol have fun either paying that back or going to jail or both

Not sure how you going to jail from this, it's from the bank, they either approved your loan or don't

 

[Jerseyguy72]

You need to have employees that you continue to pay. You don't count as am employee.

 

[plocp]

You need to have employees that you continue to pay. You don't count as am employee.

My situation is little different, we own a company and it has payroll for it, but I also heard individual contractors like Uber driver also qualify for this, you pay your own payroll, there's nothing to lose to apply, why not trying

 

[Lightning1181]

You need to have employees that you continue to pay. You don't count as am employee.

This guy got more get-rich-quick-schemes than Lucy & Ethel. Like I said in his other brilliant thread, he will be the proud fashionista wearing chrome bracelets.

 

[atthehop]

This guy got more get-rich-quick-schemes than Lucy & Ethel. Like I said in his other brilliant thread, he will be the proud fashionista wearing chrome bracelets.

Dont worry the bank will go after his assets. You do not need to put them up as collateral.

He may have a degree from trump university, commit fraud and go bankrupt.

 

[werty]

Sometimes the ideas I see in this subforum are so bad that I wonder if it's intentional malice. There's been some serious brain drain on this site during the last few years.

 

[atthehop]

Sometimes the ideas I see in this subforum are so bad that I wonder if it's intentional malice. There's been some serious brain drain on this site during the last few years.

It's all the ants that cannot consume the info. They can read the words but thats about it.

 

[JR. Driver]

Uber/Lyft driver, all individual contractors qualify, started today 4/3, up to 25k free money, I just applied today, GLGL
Just apply what ever it's free out there, they might not approved you, but you got nothing to lose

Free loan. Yeah right!!!

Not everyone qualifies just because the gig Uber/lyft is 1099 contractor doesn't mean you eligible your not an official business....Leave this to the ones that employ 5 or more persons.

 

[Musky]

My situation is little different, we own a company and it has payroll for it, but I also heard individual contractors like Uber driver also qualify for this, you pay your own payroll, there's nothing to lose to apply, why not trying

So 75% needs to go towards payroll over 8 weeks and so long as you don't lay anybody off, you will not have to repay. 75% of $25k is $18,750. In order to qualify for the $25k, you would need to prove your payroll is $2343.75 per week. Should not be an issue with multiple employees but would be tough with only one (need to prove $121,875.00 income per year and there are restrictions on six figure salaries). Keep in mind that the PPP loan pool is only $349 billion and is first come first served so a miscalculation in the amount you request may cost you the opportunity to receive the loan. I'm assuming you already have a relationship with a bank because most SBA lenders are not taking on new business at the moment. Because my business is set up as an LLC with pass through profits, that loan was not the right fit for me.

I applied for the disaster loan with the $10,000 advance that is also forgivable whether you get approved the loan or not. I am hopeful to receive it as my business has been affected negatively both with regards to supply chain and with slowing sales over the past month (although I think I may do well going forward as I supply funeral homes but that is still up in the air). My business also pays out in excess of $130,000 per year for inventory, fees (Paypal, Amazon, Ebay, etc.), web and online store hosting, interest, supplies, postage, and other expenses. If I go out of business, the companies that are the beneficiaries of that $130K per year will also lose so offering the COVID-19 disaster loans with a $10k grant makes sense for the SBA to do in my opinion.

I would use the $10k grant and a small loan to offset losses and increase my advertising to gain market share. While the application was pretty easy, I had to provide financial information for my business for the 12 months prior to January 31st and expect I will need to provide P&L, COGS, etc., for the period since then. The nice thing with the disaster loan is that it is direct through the SBA and no bank is required.

There is a check box on the disaster loan application where you grant the SBA permission to request documents from other agencies so I would expect them to pull tax returns, etc. As mentioned, my business is an LLC so the 2019 tax return was required to be filed on March 15th, which it was.

Personally, I think the COVID-19 disaster loan would be a better option for Uber drivers that can prove losses and previous income.

What they probably should do is set aside money for gig workers and give it to the companies to distribute directly to the drivers based upon their driving history. So someone that earned and average of $1000 per week would get double that of someone that averaged $500 per week. To me that makes more sense than trying to give it out through each state's overwhelmed unemployment offices or as loans through the SBA lenders who are also overwhelmed.

 

[Uber burn in hell]

Lol have fun either paying that back or going to jail or both

Well apparently now if you go to jail all you have to do is contract the virus and the great state of NJ will release you. But if you break a curfew you may end up in jail. Lol everything is backwards. You guys saw those ppl at a funeral in Lakewood I believe...

So 75% needs to go towards payroll over 8 weeks and so long as you don't lay anybody off, you will not have to repay. So 75% of $25k is $18,750. In order to qualify for the $25k, you would need to prove your payroll is $2343.75 per week. Should not be an issue with multiple employees but would be tough with only one (need to prove $121,875.00 income per year and there are restrictions on six figure salaries). Keep in mind that the PPP loan pool is only $349 billion and is first come first served so a miscalculation in the amount you request may cost you the opportunity to receive the loan. I'm assuming you already have a relationship with a bank because most SBA lenders are not taking on new business at the moment. Because my business is set up as an LLC with pass through profits, that loan was not the right fit for me.

I applied for the disaster loan with the $10,000 advance that is also forgivable whether you get approved the loan or not. I am hopeful to receive it as my business has been affected negatively both with regards to supply chain and with slowing sales over the past month (although I hope to do well going forward as I supply funeral homes but that is still up in the air). My business also pays out in excess of $130,000 per year for inventory, fees (Paypal, Amazon, Ebay etc.), interest, supplies, postage, and other expenses. If I go out of business, the companies that are the beneficiaries of that $130K per year will also lose so offering the COVID-19 disaster loans with a $10k grant makes sense for the SBA to do in my opinion.

I would use the $10k grant and a small loan to offset losses and increase my advertising to gain market share. While the application was pretty easy, I had to provide financial information for my business for the 12 months prior to January 31st and expect I will need to provide P&L, COGS, etc., for the period since then.

Personally, I think the COVID-19 disaster loan would be a better option for Uber drivers that can prove losses and previous income.

What they probably should do is set aside money for gig workers and give it to the companies to distribute directly to the drivers based upon their driving history. So someone that earned and average of $1000 per week would get double that of someone that averaged $500 per week. To me that makes more sense than trying to give it out through each state's overwhelmed unemployment offices or as loans through the SBA when the banks are also overwhelmed.

What if I haven't driven since patient 1 because I'm in Advertising and as soon as it started I was on top of every news and new it was going to get this bad...I was the guy in the corner holding the Bible telling people that the end was near.. so I completely stop driving. Will my rides from last year count. I have not looked into any relieve because I suspected from the beginning there would be none.

 

[plocp]

So 75% needs to go towards payroll over 8 weeks and so long as you don't lay anybody off, you will not have to repay. So 75% of $25k is $18,750. In order to qualify for the $25k, you would need to prove your payroll is $2343.75 per week. Should not be an issue with multiple employees but would be tough with only one (need to prove $121,875.00 income per year and there are restrictions on six figure salaries). Keep in mind that the PPP loan pool is only $349 billion and is first come first served so a miscalculation in the amount you request may cost you the opportunity to receive the loan. I'm assuming you already have a relationship with a bank because most SBA lenders are not taking on new business at the moment. Because my business is set up as an LLC with pass through profits, that loan was not the right fit for me.

I applied for the disaster loan with the $10,000 advance that is also forgivable whether you get approved the loan or not. I am hopeful to receive it as my business has been affected negatively both with regards to supply chain and with slowing sales over the past month (although I hope to do well going forward as I supply funeral homes but that is still up in the air). My business also pays out in excess of $130,000 per year for inventory, fees (Paypal, Amazon, Ebay etc.), interest, supplies, postage, and other expenses. If I go out of business, the companies that are the beneficiaries of that $130K per year will also lose so offering the COVID-19 disaster loans with a $10k grant makes sense for the SBA to do in my opinion.

I would use the $10k grant and a small loan to offset losses and increase my advertising to gain market share. While the application was pretty easy, I had to provide financial information for my business for the 12 months prior to January 31st and expect I will need to provide P&L, COGS, etc., for the period since then. The nice thing with the disaster loan is that it is direct through the SBA and no bank is required.

Personally, I think the COVID-19 disaster loan would be a better option for Uber drivers that can prove losses and previous income.

What they probably should do is set aside money for gig workers and give it to the companies to distribute directly to the drivers based upon their driving history. So someone that earned and average of $1000 per week would get double that of someone that averaged $500 per week. To me that makes more sense than trying to give it out through each state's overwhelmed unemployment offices or as loans through the SBA when the banks are also overwhelmed.

Bottom line is if you have a legit business that was running past couple years, you will have no problem to getting some of these money, problem is now just so many small business apply for these free money, the moeny might run out before you can get a hand on it

 

[Musky]

Well apparently now if you go to jail all you have to do is contract the virus and the great state of NJ will release you. But if you break a curfew you may end up in jail. Lol everything is backwards. You guys saw those ppl at a funeral in Lakewood I believe...


What if I haven't driven since patient 1 because I'm in Advertising and as soon as it started I was on top of every news and new it was going to get this bad...I was the guy in the corner holding the Bible telling people that the end was near.. so I completely stop driving. Will my rides from last year count. I have not looked into any relieve because I suspected from the beginning there would be none.

Listen - I am no expert on this but the date they are using is January 31st. There clearly was a drop in ridership after that. I have not applied for the disaster loan for my Uber/Lyft/Flex gigs as of yet but if that was my main source of income, I would have.

The SBA is also giving relief to those with existing SBA loans for 6 months and that started on March 27th. It is a big help. Unfortunately, my payment due date was 3/28 and the money came out of my account on the 30th. I received an email from the bank saying I could chose to have the payment applied to the principal or returned to my bank account (I'm sure you can guess which I chose).

To be honest, as long as my family was OK, I could live with losing my business of 10 years but I am grateful the government is stepping in to help businesses like mine to survive. Rideshare is a business for many and I hope they do the same for drivers.