Why apply the Payroll Protection Program?
QuickBooks permit the effortless and trouble-free method to apply for a paycheck Protection Program loan for small business organizations, freelancing individuals, and other acceptable applicants. The program is an element of the Coronavirus Aid, Relief, and Economic Security Act. Through this act, the government provides up to $10 billion to assist the small business owners and other eligible applicants with funds to covers their operating and payroll expenses.
Who all are permitted to get benefit from the Payroll Protection Program?
You can apply to lend PPP funds via SBA Licensed non-traditional lenders. SBA has set some criteria for the businesses and other institutions to qualify the government-sponsored loan named payroll protection program.
The below-mentioned is the list of some applicants:
500 employees or fewer:
It includes 501 (c)(3) nonprofits, small business organizations,501(c)(19) veterans companies with 500 employees, or lesser.
Damaged by coronavirus:
It consists of businesses that were in functioning before February 15, 2020, and it has a negative impact due to coronavirus.
If the individuals are in hospitality or in foodservice or have lower than 500 staff at each location is permitted for a PPP loan
This includes independent contractors, gig employees, sole proprietors, who were functional on or before February 15, 2020, contains a US principal residence, will file a form 1040 schedule C for 2019 or filed, and self-employed individuals.
What are the required documents to consider before applying for a Paycheck protection program?
For a payroll and QuickBooks Self-employed customers who completed 2019 taxes with Turbo Tax Self-Employed, you are recommended to take assistance from QuickBooks Capital. You are required to gather below-written things for a self-employed or small business company to apply for a PPP loan.
- Payroll expense confirmation documents
- Owners with a minimum 20% stake in your organization & their drivers’ copies
- Payroll summary report along with bank statements
- Description of payroll advantages including vacation, group healthcare privileges, retirement benefits, dismissal allowance, etc.
- Incorporation Articles for purchasing entity and their functioning agreement.
- Form 1099-MISC (independent contractor)
- IRS forms 940 and 941
- Required certification proving employees belonging within the US and a list non-residential workers of USA along with salaries
- Applicants Trailing 12-month profit and loss invoice and statement
- Utility statements, rent and other mortgage invoices.
How to apply for the Paycheck Protection Program in QuickBooks?
Qualified applicants can register their applications through QuickBooks Capital. These loan funds can be utilized for loans for rent, utility costs, health insurance, payroll, etc.
Here is the list of the steps to apply for a Paycheck Protection Program loan inside QuickBooks Capital:
Step 1-Ensure your accurate information:
You will require a few pieces of information including Bank routing and account number, social security number, Average monthly payroll expenses and earnings, and more.
The information that needs to implicate into QuickBooks Capital:
While registering for a PPP loan inside QuickBooks Capital the above-mentioned information you have embedded into QuickBooks accounts and also pull in those details of the TurboTax account to integrate into your application. This information plays a major role in determining the eligible loan account.
Step 2-Apply for a loan inside QuickBooks Capital:
After gathering accurate information launch an application for a PPP inside QuickBooks Capital.
Below are the stages:
Stage 1 -Gather advance update:
How to get the advance update for QuickBooks Desktop?
- Navigate the Help menu
- Choose Update QuickBooks Desktop
- Select Update Now option
- Choose Checkbox named Reset Update
- Click Get updates to begin download
- Hit on Update QuickBooks Desktop dialog box
- Click Ok and wait for few minutes till the updates download
- Read the instructions to install the latest release
Stage 2- Begin your application Apply for a PPP loan inside QuickBooks Capital
- Explore Employee menu, select Payroll Center and click on Update application option
- Login your account with Intuit credentials
- Choose the tell me more tab and click Continue
- Enter the fields displaying on-screen with the gathered information
- After filling accurate information choose Next
- Write Social Security number and DOB
- Click on Next
- Verify entire information you entered on your application
- Choose Confirm option
- Read lender partner information
- Choose checkboxes
- write the questions answer and hit confirm tab
- Click on Review and sign
Step 3: Wait for a reply on your application:
You will get notified about the acceptance of the loan application through your registered email address. Sometimes the mail is invisible so it is recommended to view the email in a spam folder.
So, this is information related to how to apply to the payroll protection program in QuickBooks. To explore more, you can reach the QuickBooks Paycheck Protection support toll-free number. The team is available 24/7 to provide you the updated information based on the PPP program and other QuickBooks errors. You can also drop an email with an inquiry or do a live chat to get the assistance.