Your HR & People Operations Questions, AnsweredCan I sign up for a business loan
HR Questions>Can I sign up for a business loan

Can I sign up for a business loan

Questions are submitted by our Workest readers. Sign up to ask an HR question of your own, and to contribute to the conversation

Jeffrey asked 3 years ago
I’m out of work and need to pay my bills.

1 Answer
Brittany Staff replied 3 years ago
Jeffrey,

We have put together this article that describes the differences between the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL): https://www.zenefits.com/workest/paycheck-protection-program-vs-disaster-loan-which-one-is-right-for-my-smb/

As of April 23, both programs are out of funding, but Congress has passed a new bill to replenish funds. Funding could be available in the coming days.

You can apply for the EIDL loan through the SBA: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

You can go to your local lender for information about the PPP loan application process. Here is a link to find a lender: https://www.sba.gov/paycheckprotection/find

Some financial tech companies such as Square, Quickbooks and PayPal are approved PPP lenders: https://www.zenefits.com/workest/could-fintech-companies-provide-a-lifeline-to-sbos-seeking-ppp-loans/

There are also many local programs available. This list has almost 200 programs sorted by state: https://www.zenefits.com/workest/the-big-list-of-covid-19-financial-assistance-programs-for-small-businesses-by-state/

It’s a lengthy process, but hopefully this provides some clarity.

Most read stories


This website provides general information related to Zenefits services and related laws and best practices. This content and Zenefits employees do not provide legal advice. While we strive to provide useful general information applicable to the majority of our readers, we do not - and cannot - provide legal advice specific to your company and your situation. Already a Zenefits customer? Enjoy on-demand HR Advisory Services for all your HR and compliance questions. If not, learn more here.