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Integration with Biz2Credit Can Facilitate with New PPP Loans

With the signing of the Consolidated Appropriations Act, 2021 into law, the establishment of a new round of Paycheck Protection Program (PPP) funding opens the opportunity for eligible businesses to apply for additional loans. The Small Business Administration (SBA) has announced it will open the loan application process on Monday, Jan. 11, 2021 for first-time PPP borrowers and on Wednesday, Jan. 13 for second-draw PPP loans.

Paychex wants to continue providing every opportunity for your business to gain access to apply for these much-needed funds. We have partnered with two leading funding marketplaces and one direct lender who can support you in getting a PPP loan1.

Fundera and Lendio have established processes and dedicated lender networks to help. Biz2Credit is now operating as a direct lender SBA-approved PPP lender.

To further assist in helping make the process as simple as possible for our customers, Paychex also has developed an integration with Paychex Flex® and Biz2Credit.

  • Easy access — payroll data and reports needed for PPP loan and forgiveness applications
  • Efficient — your payroll data auto-populates on your PPP application and all clients who submit to Biz2Credit, an SBA-approved lender, through this integration will benefit from the time savings between applying and approval, which could be the difference between securing funds and not
  • Secure — with this dedicated integration your information goes right to the Biz2Credit system for you to adjust/modify and will not be shared with external parties without your knowledge

Paychex values its partnership with Biz2Credit, which processed more than 1,000 successful loans for Paychex customers during the initial round of PPP. With this new integration, we’ve enhanced what we can do for customers for the next round of PPP.

If you received a loan during the first round of PPP and need help with the forgiveness process, check out our free PPP Loan Forgiveness Estimator and FAQs.

SBA Lenders

PPP Lender Partnership Frequently Asked Questions

  • Is Paychex funding these loans?

    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?

    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?

    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?

    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?

    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?

    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?

    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?

    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.

  • Is the 1% interest rate still guaranteed if my full loan isn’t forgiven?

    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?

    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?

    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?

    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.

1Not available in RI, NV, ND, VT, and CA (Fundera Only). Clients in these states may connect directly with Biz2Credit, Fundera, and Lendio. In some cases, Paychex may receive compensation from an SBA-approved lender if you receive a PPP loan, subject to applicable laws.