It’s great, if you’re on a recent version of QuickBooks Desktop with payroll because Intuit has updated their software with an intention to help you with the reporting needs of the Paycheck Protection Program (PPP) Loan Program. They are accepting applications within QuickBooks Capital (SBA approved lender). It allows the effortless and trouble-free process to apply for the PPP Program for freelancing individuals, small business organizations, and other eligible applicants. The government is offering up to $ 10 billion through this act to support small business owners and other qualifying applicants with grants to cover their operating and payroll expenses. To get more information, connect with the team with QuickBooks support or do a 24*7 live chat.
What is a Payroll Protection Program?
The Program is an aspect of the Corona virus Act on Aid, Relief, and Economic Security Act. You may be eligible for up to $ 10 million as part of the program based on your average monthly payroll costs. You must use 75 percent to cover the payroll and other employee benefits. Such benefits include PTO, insurance premiums, retirement, etc. but are not limited to. The loan may also be used to cover the interest on rents, utilities, and mortgages, among other uses.
How does Payroll Protection Program work?
Whether you’re a QuickBooks Payroll customer or a self-employed QuickBooks customer who paid 2019 taxes with a self-employed Turbo Tax, the following steps will make it easy to get started. When one of these does not apply to you, your application for a PPP loan can still be sent to another eligible SBA lender.
Step 1: Apply-
You need to apply for Paycheck Protection Program applications with QuickBooks or another approved SBA lender
Step 2: Receive funds-
To cover the payroll and other employee benefits (health premiums, PTO, retirement, etc.), get up to $10 million. Funds can also be used for interest on rent, mortgages, or electricity.
Step 3: Apply for loan forgiveness-
When you keep all your workers on the payroll for 8 weeks and spend your credit on qualifying expenses, your loan can be forgiven.
Who all are qualified for a PPP loan?
Check out who and all are permitted to get loan benefits from the Payroll protection Program:
- Affected by the COVID-19 – Businesses opened on or before 15 February 2020 and were adversely affected by Corona Virus.
- Multiple locations – When you’re in food service or hospitality and have less than 500 employees at each location, each location can qualify for a loan from the Paycheck Protection Program.
- 500 employees or fewer – Small enterprises, 501(c)(3) nonprofits, and 501(c)(19) veteran organizations with 500 or fewer employees. So do Tribal companies (Section 31(b)(2)(C) of the Small Business Act).
- Meet SBA size standards – Small businesses in some industries which have over 500 employees but meet the size standards of the Small Business Administration.
- Self-employed individuals – It includes sole proprietors, independent contractors and gig employees who were
(1) Operational on or before 15 February 2020,
(2) Self-employed persons,
(3) Had a principal residence in the United States, and
(4) Filed or will file a Form 1040 Schedule C for 2019.
Reliable steps to apply for a Payroll Protection Program in QuickBooks
Go through with the below-mentioned steps that are trouble-free and reliable to apply for a PPP within QuickBooks Capital:
Step 1: Verify that you have all the information are accurate such as
- Bank routing and account number
- Social Security Number of the person who is applying.
After that, import that information into QuickBooks Capital.
Average monthly payroll expenses: When you are an eligible company or organization and you have employees, you must calculate your authorized payroll costs (on average) for each month based entirely on the information you have previously entered into QuickBooks. That balance makes it easier for you to determine the amount of your mortgage request.
Average monthly earnings: If you are an eligible self-employed character who would not have employees and you make use of the records you filed on Form 1040 Schedule C for 2019 for a PPP loan inside QuickBooks Capital, you can use them without any hassle.
Step 2: Apply for the loan within QuickBooks Capital
When you have gathered all the right details, you can start your application inside QuickBooks Capital for a loan to the Payroll Protection Program.
Step 3: Wait for a response to your application:
Once your application is obtained and approved for a PPP loan; you will receive a notification and an electronic confirmation mail in your QuickBooks Capital dashboard. You will get a response for your email with the title “[your amount] from the Paycheck Protection Program.” Search for the title on your inbox, if you cannot find it.
Get Professionals support
Paycheck Protection Program (PPP) loans offered within QuickBooks Capital and you can apply for this loan within it. The above-discussed steps are easy and well proved by experts that help you in how to apply to the Payroll Protection Program in QuickBooks.
To explore or have queries regarding PPP loans or in applying, you can easily connect with the professional team via email [email protected] with your query details or live chat. The team will get back to you soon or maximum they take 2-3 hours. You can get assistance via filling up the form along with query details.