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How to Prepare for Paycheck Protection Program

Looking for financial assistance? There are many small business owners and individuals who are self-employed with the employee of 500 or less and in this bad time, they need some assistance to run the business without any worries in this situation. The PPP program is launched to assist them in a way so that they can get the maximum benefit and after applying they can also apply for the forgiving of the loan. This program may help everyone to run the business or organization efficiently.

What is the Paycheck Protection Program?

It is a Loan Program launched by Intuit which is assistance for the small, and individual business owners. It is developed under the CARES act and this program is about $350 billion programs to give the cash flow assistance of 8 weeks. These loans are backed by SBA  and in the below article you will read how to prepare for the PPP.

Benefit and Features of Paycheck Protection Program

Some program highlights are given below mentioned:

  • All small business are eligible
  • No loan repayments for the first 6 months
  • Maturity rate of 2 years at 1 interest rate
  • No collateral or personal guarantee required
  • No fees

Many benefits also come with this loan such as your loan can be forgiven 100%, and payroll expenses of 8 weeks are covered under this scheme.

What documents are needed to prepare for the PPP Loan

You need to provide the payroll bookkeeping records to give information about the payroll expenses.

These documents could be as mentioned below :

  • Payroll Processor records
  • Payroll Tax filings
  • payroll tax forms from 2019
  • Schedule C for a sole properties IP
  • Recent Utility Bills
  • Recent rent agreement or mortgage
  • 12 months profit and loss statement
  • Copy of each owner Driving license
  • Payroll expense verification documents

Who all are eligible for the PPP loan?

Everyone including non-profits, veterans organizations, Tribal business concerns, sole properties IP, self-employed business owners and individuals, independent contractors having the 500 or less than that employees are eligible for the PPP Loan.

Where can you use the loan funds?

For the below purposes you can use the loans.

  • You can use the funds to payroll costs, including employment benefit
  • Interest on mortgage obligation before 15 Feb 2020
  • Rent, under lease agreements before 15 Feb 2020
  • Utilities, for which service began for before 15 Feb 2020

How to apply?

To apply for the PPP loan you need to gather the required documents, after that complete the PPP loan application document. Once you have all these documents you can apply through the SBA any approved institution and it should be your business existing bank.

How does PPP Loan work?

PPP Loan is designed to maintain the cash flow for this critical time for the small business owners, self-dependent having the employees 500 or less than that. After checking your eligibility you need to prepare your required documents. Once the documents are with you then you can simply apply through any approved SBA approved lender. Once the application is approved it’s done.

How to get assistance?

For any help, you can do a live chat with the QuickBooks Helpdesk at any time. QuickBooks experts are available 24*7 to assist you with all the related and required information. The team is highly educated and trained to solve the issue in minimum time with the latest and updated knowledge. You can also email at [email protected] or fill the customer contact form to get a call back in 3 to 4 hours from QuickBoooks Assistance Team.

Further Reading