COVID-19 Loan Resources

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.

 

 

Small businesses with fewer than 20 employees get an exclusive window from February 24 to March 9 to have applications for PPP loans submitted to the SBA. Larger businesses can continue working with lenders, but their applications will not be submitted until after March 9. First draw applicants can access the loan application here. There is a separate application form for eligible businesses seeking a second draw loan.

To access a PPP loan, you must work with an SBA-approved lender. We recommend second draw loan applicants work with their original lender for a second round of PPP funding, For first draw applications, we recommend you explore your options with your 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 small businesses 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 application1.

Biz2Credit, Fundera1, 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
  • 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] 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.