How to get money for payroll: How to steps, direction, and tips:
Need money for payroll today? if your business needs money for payroll asap,
this speedy program can get funding in your account by the end of the business day. Apply today.
Estimated Cost: $0
Total Time: Up to 2 days
Supplies Needed: Monthly payroll information, Time available
Tools needed: Internet connection, phone, computer
Step 1: Preparation
Review your current month’s payroll expenses
Calculate how much your business needs, for how long and how soon.
Step 2: Prepare your documentation
Tip: Start the process a week before needing payroll funding if possible to avoid missing your deadline payroll date.
Get your business financial information together. This includes an interim or monthly profit and loss statement, copy of your monthly payroll, tax returns and bank statements.
Step 3: Research payroll financing companies and programs
Look for payroll finance companies that meet your needs and requirements.
Contact qualifying companies and request their qualifying criteria
Match and prioritize your needs with the company that meets your criteria and you appear to qualify with.
Ask if your business will qualify or prequalify. Some lenders may be able to prequalify you over the phone
Prepare to submit your documentation
Step 4: Submit application information
Apply with the best qualifying company for your business.
Step 5: Approved or declined
Approved? Review terms. If you want to accept, provide all closing documentation and complete transaction
Denied? Contact lender to find out why you were declined and if there is anything that can be done to get approved.
If you cannot get approved, consider the reasons for the denial. Go back to other lenders you previously considered.
Ask those lenders if that will be a decline reason. If not, consider applying with that alternative lender.
Get money for payroll immediately. Have Questions
FAQ Frequently asked Questions on how to get money for payroll fast
We need money for payroll fast. Can you get money for our payroll the same week?
We can get money for your business to make payroll as fast as one or two days. If your business applies for payroll financing early in the day then there is an excellent chance your business can meet payroll the next day.
We may need money for payroll again. Can we use this financing in the future to financing payroll?
You can use the financing like a line of credit. You borrow, repay and reuse the line again.
What if I have 1099 contractors and are not official employees of the company?
There are programs available to financing your employees if they are 1099 employees. Indicate this when applying
Is credit important when applying for payroll financing?
Credit is not a main factor in payroll financing. The strength of your business and cash flow of your business is more important.
If I do not qualify for payroll financing, are there other programs available?
If your business does not qualify for payroll financing, there are other programs you may qualify for to meet payroll. These include Bank statement loans based on the cash flow of your business. If your business generates more than $7,500 per month in deposits and has more then 4 deposits per month.
I need payroll financing now but am not sure I will need it again. Can we get money immediately if we need it again?
If the companies you are being paid from are the same then your business should be able to get funding immediately again. If
it is a different company than a quick check will be done. Money the same day may still be possible then.
Will we get 100% of the payroll that we need?
If your business is approved then you will get 100% of the funding that you need.