just an FYI for any independent contractor Yas Forums frens out there (uber, lyft, grubhub, doordash, etc)
if you were working as an independent contractor on or before Feb 15 2020 you can apply for a paycheck protection loan from a bank. i just got approved for a 5k loan with 1% interest that is completely forgiven if i use it for mortgage/rent/utilities or for "payroll" though i'm not sure how that works as an independent contractor.
basically you get a 1% interest loan at absolute worst and free money most likely. just trying to help anyone out that isn't aware of the fact that this loan also applies towards independent contractors and not just small businesses.
what should i invest my 5k in by the way? should i get to 32 eth, 2000 link (already have 1000) or 1 full bitcoin?
Caleb Sanders
Chainlink and USO.
Lincoln Morales
i don't know about USO, not really keen on investing ni a chart that looks like this.
i already have a ton of link and will keep DCAing more as i earn money but i'd like to get to 32 ETH before staking becomes possible with ethereum 2.0. i have 8 ETH now so 24 at around $200 a pop would put me right there with the 5k.
I’m a little slow with these things so bear with me please. So since I drove Uber I can apply for this loan and if I use it on rent/utilities etc it can be completely forgiven meaning I don’t have to pay it back?
Joseph Jenkins
yeah, you had to have driven for uber last year and have a 1099 misc you can upload to them or if you only started driving this year you have to show them money credited to your bank account or whatever from uber.
if you quit doing uber a while ago and didn't do it last year then you prob won't qualify.
yeah i'm not sure how they can tell how exactly you use the money to be honest, but as long as you use it for "payroll" (which could just mean paying yourself i'm not sure) or rent/utilities/mortgage (if you live at home i assume you can say you used it for your parents mortgage) then it's completely forgiven and you don't have to pay it back. free money.
John Brooks
and Yas Forums wondered why the market is pumping until yesterday
Isaiah Ortiz
the government is just showering people with money right now. it's crazy. people who lost their jobs at restaurants are getting an extra $600 a week in addition to regular unemployment. i have no idea how the dollar is going to be worth anything after all this is over with but if they're offering me free money i'm gonna take it.
Charles Watson
I drove Uber from fall of 18 to mid feb of this year so I should be golden. What’s the name of this loan and how do I go about obtaining it. If it works like you say this is perfect. I can use that for the bills and my fiancé can save her checks since we live together. Thanks a bunch in advance informational user.
Also since you guys were discussing stocks any recommendations on what to buy for cheap now that will definitely shoot back up?
Joshua Adams
yeah, if you already have a checking account or savings account with a bank you can probably apply for it through them. it's called a paycheck protection loan. i found the application form on my bank's website and did the entire thing online, got approved for it without ever having to talk to another person. just got an email today saying i was approved.
there's a backlog of loans so it might take a while depending on your bank/location but the government already added more funding to the program once so i assume they'll do it again at some point if the money runs out.
good luck bro.
James Mitchell
also if you don't have a checking account somewhere, or your bank is too small to offer this loan for whatever reason then you can apply for it at any nationwide bank like bank of america or whatever. i don't think you need to already be a customer of the bank to get a loan from them, i just did it that way because it seemed easier.
Levi Bennett
What If I was a part time umpire last year, as an independent contractor? How do I capitalize, if I do qualify
Elijah Jenkins
don't know, you might qualify but you would need proof of income like a 1099 misc or something like that. i'm not an expert on this or anything, just know that most people that are/were independent contractors aren't even aware that they can get a loan that will be totally forgiven.
Caleb Young
Thanks op, I'm gunna do some research
Mason Campbell
as far as stocks to buy. i think banks are a pretty safe bet right now given that they're getting tons of money from the government to loan out to people. some people think oil is a good play right now like the guy that recommended USO but i don't know. check out /smg/ and ask what they think.
Jackson Robinson
no prob. hope you qualify.
Jackson Ross
for anyone that might qualify and is interested in applying for a loan here's a link to a searchable database of banks you can apply to: sba.gov/paycheckprotection/find
William Thompson
any more advice on what i should do with the money? half in crypto half in stocks? buy an ounce of gold? any advice would be appreciated.
Connor Hernandez
I have a small business and I applied for this and never got any money.
Parker Lee
did you hear from the bank as far as your loan application?
when did you apply? i applied like 2 weeks ago and i just heard about it today. i read that some banks prioritized large businesses because they get higher fees for large loans than smaller businesses and independent contractors so maybe that's what happened.
in any case if your application was rejected or it's taking forever you can apply to a different bank.
Xavier Stewart
i think i've decided i'm gonna buy 24 eth when i get the $$ to get me to 32. wish me luck.
Isaac Adams
good luck bro
Carson Gutierrez
I worked for postmates starting Feb 12. You're telling me I qualify for this?
Logan Powell
yeah as long as you can prove you were working on feb 12 you qualify. i only started doing grubhub in january and i was worried i would get declined since i didn't have a 1099-misc but i got approved just by uploading payment emails from grubhub.
