Your HR & People Operations Questions, AnsweredTrying to find a small business loan due to the coronavirus…
HR Questions>Trying to find a small business loan due to the coronavirus…

Trying to find a small business loan due to the coronavirus…

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

ryan asked 2 years ago

1 Answer
Brittany Staff replied 2 years ago
Hi Ryan,

Small businesses and non profits impacted by the economic downturn caused by the coronavirus pandemic can apply for the SBA Coronavirus Relief Loan.

In order to be eligible for the loan, your governor must first declare your state or territory as impacted. I’m not sure where your business is located, but you can search the list of eligible states here:

sba.gov
or
https://www.zenefits.com/workest/a-master-list-of-states-and-counties-eligible-for-sba-coronavirus-relief-loans/

Once your governor has made a declaration you can then apply for the loan at sba.gov

Only small businesses and nonprofits that are unable secure other loan funding will qualify. A business can receive up to $2 million and the interest rate will be 3.75% for SMBs and 2.75% for non profits.

For more information on the loan program visit sba.gov/coronavirus or call SBA’s Customer Service Center at (800) 659-2955.

I hope you find this helpful! Best of luck to you.

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.