PPP loans and small businesses. Image courtesy: QuickBooks
QuickBooks is working to make it easier for you to apply for a Paycheck Protection Program loan to help your small business. If you’re a QuickBooks Payroll customer, you can apply for and receive PPP loan money whenever the federal government makes it available right through QuickBooks!
The program is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which consists of government-backed loans to help small businesses pay employees and cover expenses.
Through PPP, QuickBooks Capital has the potential to help its existing small business customers and others keep millions of employees on their collective payrolls, Yahoo Finance reported April 10, 2020.
As a direct lender, QuickBooks Capital is able to simplify, automate and expedite the PPP application and funding process. Follow this link to be notified when you can apply for a PPP loan with QuickBooks Capital.
How it works
If you’re a QuickBooks Payroll customer, the following steps will make it easy to get started. If you’re not, gather your business documents to complete the Paycheck Protection Program loan application.
Coming Soon — You’ll be able to start your application for a Paycheck Protection Program loan through QuickBooks whenever the government makes money available.
Receive funds — Get up to $10 million to cover payroll and other employee benefits (PTO, insurance premiums, retirement, etc.). Funds may also be used for mortgage interest, rent, or utilities. Learn more here.
Apply for loan forgiveness — If you keep all your employees on the payroll for 8 weeks and spend your loan on qualifying expenses, your loan may be forgiven. Learn more here.
Contact Peak Advisers now if you want to become a QuickBooks Payroll customer. Call (303) 801-4772 or use the button below to complete our Contact Us form.
Making the application process easier
QuickBooks Capital can assist applicants in determining eligibility and automating much of the application process. QuickBooks Capital can then facilitate the federal relief application process and, in coordination with the Small Business Association, disburse PPP funds, allowing quicker access to relief, Yahoo Finance reported.
"We are focused on getting help to customers as quickly as possible as they navigate this unprecedented and challenging time," said Alex Chriss, EVP and GM of QuickBooks. "As the financial source of truth for millions of small businesses, we have a unique opportunity to help remove friction from the system.”
“QuickBooks Capital will automate much of the application process so small businesses and other eligible applicants get relief quickly. Our customers are resilient but they are suffering. Thanks to the work done by the government to pass a massive relief bill, we will apply our resources to help small businesses access the relief they need," Chriss told Yahoo Finance.
PPP Loan Availability Through QuickBooks
PPP federal relief processing will initially be available for a subset of QuickBooks Online Payroll customers. QuickBooks Capital anticipates that, based on the average monthly payroll, this initial group of small businesses may be eligible for billions of dollars in PPP federal relief. QuickBooks will continue to expand the ability to apply to other customers as well in the future.
"Our goal is to get relief money into the hands of as many eligible applicants as possible, as fast as possible," said Luke Voiles, VP and Business Leader of QuickBooks Capital. "Validation of payroll information is necessary to complete the PPP application. For QuickBooks Payroll customers, the customers’ data is already in the QuickBooks system. As a result, we are well positioned to help expedite the loan application process for this group. One in 12 American workers are paid through our payroll systems, which makes this an impactful place to start."
About the Paycheck Protection Program
Small businesses and others can learn more about the PPP program, eligibility, and how to apply at https://quickbooks.com/paycheck-protection-program/.