SBA Loans For Doordash Drivers
Our loans for Doordash drivers offers did not include any specific SBA loans for Doordash drivers, so these offers here are more precise. You can use the loan for what you prefer. However, the original idea is to help the dasher with working capital needs or startup costs.
As the dasher is not an employee, but a small business. Therefore, no payslip or salary is required or requested by the lender.
The only requirement will be to have an account so the funds can be deposited and to have an e-mail, because the lender has to inform you that the funds have been transferred, or any legal information.
You also have to be, as this is a Small Business loan, a resident in the US, or an American citizen.
The dasher is a small business, an independent very small company that offers a service for the distribution of finished goods in the last segment of the chain, reaching the end customer.
What Happens After SBA Loan Is Approved?
After the SBA loan is approved, the funds are transferred to the account of the Doordash driver the next day.
A message will be sent to the dasher, so that is why it is important that you have an e-mail account.
All the loans approved during the day are listed together, and the bank of the lender sends the complete batch of transfers automatically. This happens after the end of the day. So the funds are credited into the account of the dasher the next day after the loan is approved, and not the same day.
Doordash $1,000 Grant
SBA loans for Doordash drivers come helpful as the grants of $1,000 are not given anymore. Those grants were an aid during the pandemic and the entire program has been dismantled by October, 17th 2022.
Other Grants For Doordash Drivers
Apart from the Doordash $1,000 grant that ended in October 2022, the company has created a grants program. Unluckily, this program is oriented only toward restaurants and not toward Doordash drivers.
For restaurant owners impacted by fires, floods, hurricanes, or other natural disasters, DoorDash is launching a new round of grant funding. This is part of the company’s $200 million Main Street Strong pledge to support businesses and communities. To qualify for a grant, the related event must be declared a natural disaster at the state or federal level.
Doordash Driver PPP Loan
The Paycheck Protection Program was an SBA-backed loan that helped small businesses like Doordash drivers during the COVID-19 crisis. That program finished already long time ago in May 2021.
However, you could have options for PPP loan forgiveness,
Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan,
- The loan proceeds are spent on payroll costs and other eligible expenses, and
- At least 60% of the proceeds are spent on payroll costs.
PPP Loans In 2022
There are no more PPP loans available after all the PPP loan forgiveness plans have been completed. The Paycheck Protection Program was a temporary solution during the pandemic. All the programs are closed, the last one by November 2022.
SBA Loans For Uber Drivers
Of course that the SBA loans for Doordash drivers are also available for Uber drivers. However it seems that some lenders are more familiar with gathering requirements and analyzing prospective borrowers for one company or the other.
I mention this because sometimes they process faster Doordash loans and slower the Uber ones.
I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go. I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.