The Coronavirus Aid, Relief, and Economic Security (CARES) Act has a provision for 8 weeks of funding to be provided to small business as loans as a part of the Pay Check Protection Program(PPP) to offset these businesses for bearing the payroll cost and certain operating expenses during the COVID-19 outbreak. You can learn more about PPP to connect ReConcileBooks team on QuickBooks Support Phone Number anytime you want.
Overall the total aid is worth $349 billion in the form of government-backed loans that will help small businesses and others to continue paying their employees.
QuickBooks Paycheck Protection Program (PPP Loan) Availability
There is already a growing convergence between e-commerce and banking in other parts of the world like Southeast Asia. The trend has picked up here in the US as well for some obvious reasons. Technology platforms like Intuit and PayPal already serving a big pool of consumers and small businesses are jostling to take up the role of a bank and in the attempt striving to even out challenges involved with the regular banks and financial institutions in providing timely loans to consumers. The main aim of the Small Business Administration (SBA) that sets up guidelines for such loans is to expedite the process and extend this benefit to millions of beneficiaries through Intuit’s strong base of verified small businesses.
Follow the instruction for QuickBooks Loan Setup , a guide by ReConcileBooks which gives step by step process.
Intuit Inc. subsidiary Intuit Financing Inc. (DBA QuickBooks Capital) is now chosen by SBA to be a non-bank approved lender for the disbursal of the PPP Loans under the Paycheck Protection Program (PPP).
QuickBooks is well positioned to help expedite this process as 1 out of 12 American workers gets paid through QuickBooks. Also, QuickBooks has pre-validated payroll information for companies that are already using their system, which is a prerequisite to complete the PPP Application.
The move will pave the way for small businesses and other eligible applicants to apply for a PPP Loan through the fintech company’s subsidiary QuickBooks Capital systems – a company that is already in the small business lending space providing business loans to QB customers. The loan application process for small businesses and other eligible applicants can be simply expedited and automated thereby speeding up the fund faster to lenders directly through QuickBooks under the PPP loan disbursal scheme.
Who Can Avail PPP Loan Through QuickBooks?
And the good news is that the relief is available initially to a subset of QuickBooks Online Payroll customers or QuickBooks Self-Employed customers who have already filed their returns through QB’s TurboTax Self-employed software. This first lot of customers are eligible for billions of dollars in PPP federal relief based on their average payroll. Learn also QuickBooks Payroll Worker Compensation to understand about how to make Paycheck.
QuickBooks may expand this facility soon to other customers as well, but for now, those who are not within the above mentioned category will have to look for other SBA approved lending partners for the PPP Loan.
You can check more about the amount of loan eligibility, who qualifies for the loan, documents needed and how can companies apply for forgiveness based on certain criteria set by SBA here QuickBooks Paycheck Protection Program OR PPP LOAN.
Setup QuickBooks Paycheck Protection Program (PPP Loan)
ReConcileBooks try to cover all topic related to QB PPP, but there are a long way to go for better understanding. For the setting up QuickBooks Paycheck Protection Program (PPP Loan), the company, Small business or self-employed have to check eligibility and collect sufficient requirements. Although a lots of video you can found on Youtube or any other video search website, but not all video can give you full details, hence dial ReConcileBooks Toll Free Number +1347-967-4079 now to get Intuit ProAdvisor assistance for PPP. Also ReConcileBooks experts are also working 24×7 to assist on QuickBooks Live Chat.
