Can I sign up for a business loan

Jeffrey asked 3 months ago
I'm out of work and need to pay my bills.
1 Answer
Brittany Staff replied 2 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.