SBA/PPP

dlivnlrge

Member
Many of us have applied for the 10k sba grant through the sba website. I got confirmation number as well as many of you guys. Has anyone got an email or phone call with any new information?? I know the amount can be from 1k up to 10k from what I’ve been reading. Anything would be awesome to get obviously but as of right now most of us are just sitting on confirmation numbers. As far as the PPP from my understanding through the sba website you put in your zip code and it matches you with banks near your area. Bofa and chase have begin taking loan applications but only for their customers. With chase I believe you have to have a business acct. How do we as independent contractors apply? I bank with US bank. I don’t think they have applications or are part of it. I’m assuming we are in the bottom of the barrel cause we don’t have employees or are a business. Anyone know the best way to go about applying for the PPP? Or do we have to just wait to see what happens.
 

Taxi2Uber

Well-Known Member
I’m assuming we are in the bottom of the barrel cause we don’t have employees or are a business.
"The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees"

As you said, you are neither a business, nor do you have employees.
How exactly does PPP apply to you?
It doesn't, but you're welcome to try.
 

got a p

Well-Known Member
he's saying this bc people left and right are telling him to apply. same here - i've seen all these articles about uber drivers applying, had my sister encourage me to apply...it just doesn't seem right though.
 

Big Lou

Well-Known Member
"The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees"

As you said, you are neither a business, nor do you have employees.
How exactly does PPP apply to you?
It doesn't, but you're welcome to try.
Taxi2Uber, That's the reason I withdrew from filing for the SBA loan.
I may be wrong, but this forgivable loan is designed to buttress employers in keeping as many employees on payroll as they can.
The emergency 10k that you can request prior to final approval of your loan request, in theory, is supposed to go out immediately pending the total requested amount.

That sounded good to me except, for the verbiage, that said the initial emergency 10k will be forgiven, in essence , considered a grant, upon approval of the entire loan through a participating financial institution.

Since I have no employees or payroll, the odds of my getting a grant is pretty low. An Uber/Lyft driver may get the 10k initially, but if it's determined you do not qualify for the grant....tack that to your debit sheet.
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Good Luck! I run a legit business of 22 employees and have been banking with the same bank for 25 years. I haven't even been able to actually apply for the PPP even though I've jumped through every hoop. It's disgraceful.
It would seem to me that you of all people should qualify. I hope you do.
 

UberBastid

Well-Known Member
Since I have no employees or payroll, the odds of my getting a grant is pretty low. An Uber/Lyft driver may get the 10k initially, but if it's determined you do not qualify for the grant....tack that to your debit s
the application form I saw gave about ten business possibilities that would allow a grant/loan.
The FIRST one was: "Sole proprietor - self employed individual."
Describes an Uber driver.
 

jymtrainer62

New Member
Many of us have applied for the 10k sba grant through the sba website. I got confirmation number as well as many of you guys. Has anyone got an email or phone call with any new information?? I know the amount can be from 1k up to 10k from what I’ve been reading. Anything would be awesome to get obviously but as of right now most of us are just sitting on confirmation numbers. As far as the PPP from my understanding through the sba website you put in your zip code and it matches you with banks near your area. Bofa and chase have begin taking loan applications but only for their customers. With chase I believe you have to have a business acct. How do we as independent contractors apply? I bank with US bank. I don’t think they have applications or are part of it. I’m assuming we are in the bottom of the barrel cause we don’t have employees or are a business. Anyone know the best way to go about applying for the PPP? Or do we have to just wait to see what happens.
I applied a week ago. no word yet. Have you tried unemployment yet? I just got my letter yesterday saying entitled to nothing everything was N/A. And you cant get through to talk to anyone. I thought the stimulus bill had provided unemployment for ride share drivers.
 

UberBastid

Well-Known Member
I applied a week ago. no word yet. Have you tried unemployment yet? I just got my letter yesterday saying entitled to nothing everything was N/A. And you cant get through to talk to anyone. I thought the stimulus bill had provided unemployment for ride share drivers.
There was a notice in there saying that you can dispute their findings, IF you respond with a letter to their address within ten days of them mailing that notice. IF you don't respond, you are admitting that they are right.
Just drop a note to them, with your ss number on it, stating what you said above.
It just may protect you.
It won't hurt you.
 

jymtrainer62

New Member
There was a notice in there saying that you can dispute their findings, IF you respond with a letter to their address within ten days of them mailing that notice. IF you don't respond, you are admitting that they are right.
Just drop a note to them, with your ss number on it, stating what you said above.
It just may protect you.
It won't hurt you.
what are you suppose to say in the letter if in fact you know. should i provide the 1099 from the last yea? thanks
 

Klops

New Member
I am in the same situation. I do not use a business account and my personal bank (as of this past Tuesday) said they are only helping customers with business accounts. But - I have heard that this is all supposed to change and all of the bank regardless if you bank with them are supposed to be accepting the applications. Since the gig worker portion opened up today, I have been looking for any new information. The Florida website, changed with an Apply Now - icon on their website but only took me to the same page that says I have to apply with bank. I do not have W2 income so am not going the UI route. My wife has been trying to email news stations and politicians asking for answers. Since we original received the email from Uber I was quite hopeful we would have received updated information from them directly.
 

nj9000

Well-Known Member
We shouldn't apply for the PPP. The EIDL is better and I don't like getting a "loan". Opens the door to being ripped off and made to pay it back, though if its for payroll it should be forgiven. It also depends on credit and I know I couldn't get it :roflmao:. I do a search on Google and it says independent contractors can apply for it April 10th, aka today.

The EIDL is currently fubar. The SBA is illegally adding their own guidelines that go directly against the written language in the law, and they're doing it because the EIDL is underfunded. Republicans have been pushing for more funding but I'm not sure what's happened with it yet, haven't checked up on it in a couple days.

The intent of the EIDL was to provide everyone who applied a $10k grant and up to 2 million dollar loans that also had rules for being forgiven like the PPP. The funding that was budgeted though, with only 5 million applicants there'd only be $50k available for each. So the SBA has tried to give everyone part of the pie but unless they receive more funding and actually follow the law it'll be useless. $1k per employee for the grant, and only a $15k loan. For most businesses that won't even cover 2 weeks. For Uber drivers, who are supposed to qualify, the $1k won't really do anything and can disrupt unemployment. IIRC there's a time limit for applying, to get the $600/mo federal disaster unemployment benefits and if you receive the $1k grant that could ruin that. I could be wrong.

Social media is lit up with anger over it, and there's supposed to be a class-action lawsuit/multiple lawsuits to force them to disburse the FULL grants as worded in the law.
 

Big Lou

Well-Known Member
the application form I saw gave about ten business possibilities that would allow a grant/loan.
The FIRST one was: "Sole proprietor - self employed individual."
Describes an Uber driver.
Asking the wrong dude!
I filled out that information too but it was in the forgiveness part that I was not clear on. The forms wanted my financials regarding employees and payroll, business banking data etc.... This is a regular SBA small business loan application with all the supporting forms.

I'm gonna pass, because I don't want to be on the IRS radar if I'm on the hook for not qualifying for these first come fist serve grant.
Good luck to those who filled out all the forms as a small business Uber Driver. Hope it works out well and if it does, the rest of us will chant the mantra 'snooze and you loose"
 

Taxi2Uber

Well-Known Member
Taxi2Uber, That's the reason I withdrew from filing for the SBA loan.
I may be wrong, but this forgivable loan is designed to buttress employers in keeping as many employees on payroll as they can.
The emergency 10k that you can request prior to final approval of your loan request, in theory, is supposed to go out immediately pending the total requested amount.

That sounded good to me except, for the verbiage, that said the initial emergency 10k will be forgiven, in essence , considered a grant, upon approval of the entire loan through a participating financial institution.

Since I have no employees or payroll, the odds of my getting a grant is pretty low. An Uber/Lyft driver may get the 10k initially, but if it's determined you do not qualify for the grant....tack that to your debit sheet.
To my understanding PPP and SBA are separate programs.
I was a 'No' for both, but now I'll say 'Maybe, but doubtful' for SBA and still a 'No' for PPP.
As SBA funds started to dry up, they changed the game and now say $1000 per employee up to $10,000.
I'll have to read it again, but I remember it saying you could receive the money as a grant even if you WERE denied the loan.
Here in NV, we have to have business license in order to do Rideshare, so we are technically a small business.
I went ahead with the SBA after all, although I'm sure it will be denied.
I'm not concerned about being on IRS radar, and if they or SBA give me grief,
I'll just say "Hell, I don't know what's going on" and it will be the truth. LOL
My concern would be, would this interfere with getting PUA, and would that be considered double dipping.
We'll see.
the application form I saw gave about ten business possibilities that would allow a grant/loan.
The FIRST one was: "Sole proprietor - self employed individual."
Describes an Uber driver.
That's true. But is having employees the key to the whole thing? PPP, I'd say yes. SBA, I'm not sure.
As I understand it, a business owner could be a 'Sole Proprietor - self employed' and also have employees.
Maybe that's why that category was included.
It's doesn't seem as clear as it should be.
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Well, our local news just put up a story today about PPP, saying Independent Contractors are eligible. WTF
How can that be when we drivers don't have any employees on the payroll.
This is getting ridiculous.

"Independent contractors in limbo for unemployment insurance benefits can tap another federal program created under the $2.2 trillion stimulus bill starting Friday.

The Paycheck Protection Program offers loans to cover payroll costs so small businesses can retain their employees, keeping workers from filing unemployment and further overwhelming state unemployment offices, but independent contractors and sole proprietors also are eligible to apply.

Independent contractors who retain their full staff, of one, for eight weeks — as small businesses are required to do under the program — won’t have to pay back the money.

“You’re the only person that has to maintain an employee position for the next eight weeks, so it’s very easy for you to keep yourself employed in order to get that 100 percent forgiveness,” said Joseph Amato, Nevada district director for the Small Business Administration."
 
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UberBastid

Well-Known Member
what are you suppose to say in the letter if in fact you know. should i provide the 1099 from the last yea? thanks
Real simple.

"I am in receipt of your notice of my award for unemployment. You indicate that I am not to receive any benefits, but I'd like to point out that President Trump recently signed legislation to the effect that I will. Please review your decision and reconsider."
 

Atl007

Member
PPP Key Points:
  • As an independent contractor, you can receive a loan through this program. It has relatively good terms (1%, 2 years) but it’s still a loan that needs to be paid back.
  • What about the talk about the loan being forgivable? Here’s the short of it: The loan is not easily forgivable for independent contractors and the self-employed.
  • If you’d like to explore this loan, we’d recommend that you see it as a loan that needs to be paid back.
 

acrossthecity

New Member
There was a notice in there saying that you can dispute their findings, IF you respond with a letter to their address within ten days of them mailing that notice. IF you don't respond, you are admitting that they are right.
Just drop a note to them, with your ss number on it, stating what you said above.
It just may protect you.
It won't hurt you.
Yes. my initial reply was that I was ineligible for UI..2 weeks back... but received a letter last week...requesting breakdown of my 2018 and 2019 earnings so I had to go through and break it down for Uber and Lyft by quarter..... took me two to three hours and printing all the documentation I mailed it priority into unemployment last week. Hoping to hear back.....soon. the way the system works is they don't understand how to put it in to the system .... Many states aren't even up and running for gig workers...and you have to break it down for them by quarter...because everything that they do numerically for unemployment is based upon quarterly figures that they have to calculate....
My State Rep said the system wouldn't be ready until May 15th but they have everything ..now.
It was a lot of time and effort but it will definitely be worth it if I get approved. And I don't see why I wouldn't....
 
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