Can I sign up for a business loan

Jeffrey asked 10 months ago
I'm out of work and need to pay my bills.
1 Answer
Brittany Staff replied 10 months 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.