Learn about other funding with closure of PPP loan application process
Update: After President Trump extended the Paycheck Protection Program loan application process from its original deadline in July, the process closed on Aug. 8, 2020. You can still learn more about PPP loan forgiveness and other funding options.
We want to provide you with every opportunity to gain access to apply for these much-needed funds.
Paychex has partnered with leading funding marketplaces who can support you in finding a lender1.
Frequently Asked Questions
PPP Lender Partnership
Is Paychex funding these loans?
No, Paychex is not funding these loans, but we want to ensure our clients have ready access to lenders who are participating in the Paycheck Protection Program. We understand that for some clients, the bank they have an existing relationship with may not be participating in the PPP loans, and it can be stressful to research other lender options when you need the money quickly.
To assist in these cases, we have aligned with several market-leading brands that work to connect borrowers with lenders who match their needs. The lenders we are highlighting have expanded their support to include funding requests for PPP loans, which will streamline your application process once you have selected the best lender fit from the options they provide.
How long will it take for a client to get approved?
This will vary by lender, but their websites will give you a general estimate of the timeframe when you can expect to hear back regarding your application. We have aligned with brands who understand the critical nature of these funds for small businesses and are committed to moving quickly to address your needs.
If I have a question on my loan request, can I contact Paychex?
We are happy to support you in collecting the supporting payroll data you need to apply for a PPP loan. However, as we are not funding the loans or working directly with your chosen lender we will be unable to provide specific information regarding your lender’s requirements or the status of your application.
I’ve been rejected by the lenders I was connected to through your highlighted vendor. What do I do now?
We’re sorry you did not receive funding through the lender you contacted. Fortunately, there are other options as many lenders are approved to issue PPP loans through the Small Business Administration network. You can submit a request to connect with another vendor through our lender connection on this web page.
Does Paychex benefit from me using a lender I found through your partners?
We worked with these services to expand the access to and availability of the full PPP lender network for our clients. We did not include or exclude any lenders based on monetary compensation considerations.
Am I able to specify a lender using your process or is there only one available?
We have aligned with three lender-borrower marketplaces. If you choose to use one of these lenders, you will complete a form on their site, which will be used to match you with lenders who are supporting Paycheck Protection Program loans. If you decide to move forward, you will be prompted to select the lender you’d like to use based on the lender match list you are provided.
What bank will make the loan available to me?
This will depend on the lender you select.
Are there any different rules about forgiveness using this method?
No, the requirements for forgiveness are per Treasury and SBA guidance, and are not based on individual lender rules.
Has anything impacted loan forgiveness?
The Paycheck Protection Program Flexibility Act, enacted June 5, 2020, extended several deadlines and deferral of loan payment, as well as changed some of the provisions of the program. Read this article for more details on PPP Flexibility Act.
Is the 1% interest rate still guaranteed if my full loan isn’t forgiven?
The portion of the loan that is not forgiven will be considered the remainder of the loan, with interest rates capped at 1%.
Will I need to pay my loan back through Paychex?
No, you will pay your loan back to the lender you use.
Will you add the loan payments to my payroll costs?
No, you will be responsible for loan payments to your lender, but we will be providing support for the payroll information you’ll need to provide to seek loan forgiveness.
What additional paperwork will I need to provide to the lender?
The lender site will ask you for some basic information related to your loan request and will then provide you information regarding what you will need to submit to the lender you choose. At a minimum, you will need to submit the completed application form and supporting payroll and financial data. Individual lenders may have additional requirements, which they will provide to you as part of the application process.