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Protection is a must for everyone whether it is business or a life of anyone. QuickBooks is committed to helping small and medium-sized businesses no matter what time is going on. If you need help you can surely apply for the Paycheck Protection Program funds and can prepare for the loan forgiveness with the QuickBooks. Before moving ahead have a quick look to QuickBooks Payroll Item Covid-19 which gives you basic understanding about PayCheck Protection Program 2020 AccountsPro
What is QuickBooks COVID Loans?
The U.S.A government is offering billions of dollars in COVID 19 relief for the small business owners, freelancers, and workers. Intuit Aid Assist a free service for everyone. You can not only apply for the loans but also apply for forgiveness.
This is a part of the CARES act(Coronavirus Aid Relief, and Economic security) which gives approx $659 billion in forgiving loans to give the employee pay and other important expenditures.
How Does PPP Loan Works In QuickBooks Payroll ?
Anyone can apply for the QuickBooks PPP loan, just you need to meet some conditions. If you are a payroll customer below information make it easier to understand how PPP loans work. You can apply for the PPP loan from an approved SBA lender.
1 – Apply – Just apply for the program with QuickBooks capital. After the application is submitted you will get an email after that you can sign in check and accept the same.
2 – Receive funds – After applying you may be eligible for the loan up to $10 million which is the part of the program. But 60 %of amount should be used to cover the payroll and other employee-related benefits to eligible for the loan
3 – Apply for the loan forgiveness – Once you are done with the receiving of loan, you can easily apply for the loan forgiveness completely. If you meet some certain conditions and spend funds as per qualified payrolls cost during the payroll it can be forgive
The above 3 steps are the process cycle of COVID loans. Now comes about the qualification or eligibility to apply for the loan.
Who Can Apply Or Who Won’t PPP Loan QB
Eligibility for the loan
- If you are having the 500 employees or lesser you can apply for the loan. Small business meeting this condition can apply for the COVID loans
- A business that was opened on or before Feb 15, 2020, and the business has been badly affected by the coronavirus then also you can apply for the loan
- If your business meets the standard business administration size standard then also you can apply for the loan
- if you have food or service business and having one or more business location and at every location, you have 500 employees then this condition makes you eligible for the loan
You need to learn about How To Setup Corona Sick Leave in QuickBooks Payroll software .
Process Corona Virus Loan Through QuickBooks
How to prepare for the Loan
You need below documents for the small business to apply for the loan
- Article of incorporation for each borrowing entity and by-laws or by the operating agreement for each borrowing entity
- A list of owners who hold a minimum 20 % stake in your company with the copies of the driving license
- Payroll expense verification documents
- Payroll summary reports with the bank statements
- Breakdown of payroll benefits
- IRS form 940 and 941 , get more details QuickBooks TAX Form Efile
- Certification of all employees lives the U.S.A and the list of employees who don’t live in the U.S.A for those you need to give salary
- Recent mortgage or rent statements and utility bills
Contact US QB COVID Loans Rejection Issues
Still, having doubts or questions? Call at 📞 +1-800-983-3087 and connect with the AccountsPro team. QuickBooks Support Phone Number is available 24*7 to assist you with all the issues, errors, or any information. All the experts are certified, trained, professional, and experienced in the same field which makes them more perfect to solve all QuickBooks Errors and issues. You can also email at AccountsPro and one of the QuickBooks technicians help you with your query
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