Businesses Can Get Loans to Retain Employees During COVID-19
As the coronavirus outbreak persists, small businesses and household employers face challenges unlike anything seen in recent history. Whether you’ve been forced to reduce staff, cease operations entirely, or are open but wondering what the next few months will bring, help is here.
Both the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid "Relief" and Economic Security (CARES) Act include financial relief for small businesses (some provisions are available to household
employers — note that Paycheck Protection Program loans are not) to help you stay open and retain employees during these trying times.
The legislation is complicated, and not all provisions can be used in combination if you plan to seek forgiveness of a Paycheck Protection Program loan. We recommend you consult your CPA or financial advisor to determine the best relief options for your business, and to prepare you for that conversation we’ve put together a guide to help you compare your options, which include:
· Paycheck Protection Program (PPP) Loan
· Expansion of the SBA’s Economic Injury Disaster Loan (EIDL)
· Employee Retention Credit
· Payroll Tax Deferral
Download this guide to understand your options for eligibility, requirements, forgiveness, repayment and more.
The original deadline to have PPP loans approved was June 30,2020, and the SBA is not processing new loan applications at this time.
On July 4, 2020, President Trump signed into law an extension of the Paycheck Protection Program (PPP) loan application deadline to August 8.
To access a PPP loan, you must work with an SBA-approved lender. We recommend our customers turn first to their established banking relationships. However, if your preferred lender is not offering these loans, or if you are having trouble finding an SBA-approved lender, you are not alone. Many of our customers are finding themselves in the same situation.
SurePayroll, through our parent company Paychex, has partnered with three leading funding marketplaces who can support you in finding a lender for your PPP loan application.
Biz2Credit, and Fundera, and Lendio have established processes and dedicated lender networks to support the Paycheck Protection Program, which means when you work with them to find a lender for your PPP loan you can rest assured that:
- The lenders you are matched with are ready and able to support PPP loan applications when the SBA resumes processing
- The lenders you are matched with are accepting PPP loan applications from new borrowers (meaning you don’t need to have a pre-existing banking or credit relationship)
- Your loan application materials will be pre-reviewed by their team of specialists to ensure that when your application is submitted to the lender it is complete per their requirements
 1 Not available in RI, NV, ND, VT, and CA (Fundera Only). Clients in these states may connect directly with Biz2Credit, Fundera, and Lendio. In some cases, SurePayroll may receive compensation from an SBA-approved lender if you receive a PPP loan, subject to applicable laws.