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Small Business Loan & Relief Resources

Below is a list of federal, state, and lender specific support to pursue, which will be updated to include programs as they're released and refined. We recommend returning to this page regularly.

SBA Economic Injury Disaster Loan Program

As part of its disaster assistance program, the Small Business Administration (SBA) is providing low interest working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus. These loans carry an interest rate of 3 .75% for small businesses and 2 .75% for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years. 

  • Who’s Eligible? As of March 23, businesses in every state plus American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands can apply. You can use the loan to cover accounts payable, debts, payroll and other bills the coronavirus has affected your ability to pay.
  • How to Apply? Apply online and select “Economic Injury” as the reason you’re seeking assistance. You’ll need to supply required supporting documentation that could include the business’s most recent tax returns, a personal financial statement and a schedule of liabilities that lists all your current debts. Call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 for help with your application.

Federal Income Tax Filing and Payment Deadline Extension

The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.

Check with your state tax agency to find out if your business has more time to file or more time to pay state and local taxes this year as a result of the coronavirus. Several states have already aligned their tax filing and payment deadlines with the new federal deadline. The Federation of Tax Administrators offers a list of state tax agency websites. 
States and municipalities are adding programs by the day. Check your governor’s website for up-to-date information about relief available in your area. The National Governors Association offers a list of governors’ websites. 

  • Workest is keeping a running list of List Of Coronavirus (COVID-19) Small Business Relief Programs that can be accessed here
  • Bankrate is keeping a running list of banks offering help to customers impacted by the coronavirus

How to download the Form 940/941:

A copy of your Form 940 or 941 can be found in the Tax Package.

How to download employee gross wages:

You can find this information by downloading the Individual Earnings report.

How to download employer benefit contributions:

You can find this information by downloading either the Individual Earnings or Benefits Enrollment report.

How to download your payroll broken down by month:

You can find this information by downloading the All in One report.

The Paycheck Protection Program (PPP) is a Small Business Administration (SBA) loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

For more detailed information on the loan, how to apply, eligibility, and more, visit this SBA resource  for  PPP.

Guidance with respect to the Paycheck Protection Program has been evolving since the program’s start. So for clarity we’re providing you with detailed information as to how we calculate average monthly payroll. 

Our calculations are based on the Treasury Department Interim Final Rule issued on April 2, 2020 and the latest SBA and Treasury answers to program related FAQs. Please note that you should follow your lenders or financial or legal advisor’s guidance, even if it differs from our calculations.

If your company was not operational for the 2019 calendar year: 

  • We won’t be able to automatically generate this report for you. You may follow the instructions below to pull your January and February payroll data and calculate your average monthly payroll costs.

If your company was operational for the 2019 calendar but you used a payroll provider other than Zenefits:

  • We will not have the historical data for your company, so we recommend you work with your previous payroll provider to obtain this data.

If your company was operational for the 2019 calendar and you used Zenefits Payroll:

  • We have provided a report prefilled with some of the full-time employee, part-time employee, intern, and company-paid temp data needed to apply and estimate forgiveness for a PPP loan as described in more detail below. 
  • If you currently have an employee who was previously hired as an independent contractor with earnings in the system, the report will take into account the total gross pay, including their earnings as an independent contractor. Under the PPP, independent contractor earnings may not be included in loan amount calculations and you will need to remove any independent contractor earnings for the calculation period.

  1. Compensation. Salary*, wage, commission, cash tips or equivalent, vacation pay, parental, family, medical, and sick leave, and allowance for dismissal or separation are added together with the aggregate sum set forth in the Gross Pay column in the Payroll Individual Earnings report.

  2. Group Health Insurance Contributions.  Employer contributions to any group health insurance are set forth in the Employer Contribution column of the All-in-One report.

  3. Retirement Benefit Contributions. Employer contribution to any retirement benefits can be calculated by adding together the Company Contributions of any retirement related benefits (401k, 403b, 457, Simple IRA, and Traditional IRA) set forth in the Deductions & Contributions report.

  4. Payroll Taxes. Payment of state or local taxes assessed on employee compensation. This can be found by adding together all of the state unemployment tax related totals in the Payroll Details report.

  5. EIDL. The calculation requires inclusion of the outstanding amount of any Economic Injury Disaster Loan (EIDL) obtained by borrower between January, 31 2020 and April 2020, less the amount of any advance under an EIDL COVID-19 loan (since it does not have to be repaid). Zenefits does not maintain this type of customer information as part of its services. If you have an outstanding EIDL you must add this information into the report in order to obtain accurate results.
*Note: If you have any employees who make an annual salary of over $100K annually, we have reduced this amount by implementing the $100K earnings cap required under the program as follows:

  • For each employee who makes over $100K annually , their gross pay will be capped at $100K. Example: If an employee has an annual salary of $120K, we will only add $100K to the overall gross pay amount. 

Zenefits Payroll customers won't be able to split debits between two accounts for contractors and employees. If you are looking to keep your contractor and employee accounts separate for easier PPP tracking, you can use the option below.

When choosing the payment method for your independent contractors, select Check instead of Direct Deposit. Then you can pay them from a separate bank account outside of the system.

You may update the bank account used to fund your Zenefits Payroll pay runs in your Company Profile app. 

Go to the Payroll Bank Account section of the Billing & Payments tab and click Change. 

You will then see a pop-up message with more information about the processing time for the change. 

If you have a supported bank, you can use the Instant Verification. If your bank is not supported or if you do not want to provide the required information, you can select Manual Verification. 

You will be asked to provide proof of ownership of the account by uploading an acceptable bank document that includes the following information:

  • Name of the account owner
  • Business Address
  • Account number
  • Routing number 

We are experiencing an influx of bank account changes due to COVID-19. Please submit your request at least 7 business days prior to your company’s next payroll run. 

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