How to access Paycheck Protection Program (PPP) Funds
During these challenging times, many small businesses are looking for help and wondering what they can do right now to survive. That’s why the government created the Paycheck Protection Program (PPP) relief initiative. Unfortunately, the first round of funds ran out, so many small businesses that were left out should be ready when congress approves additional funds.
Luke Voiles, vice president of QuickBooks capital joined us to answer important questions about the paycheck protection program. Voiles is an expert on helping small businesses get access to the PPP relief funds.
Who qualifies for a Paycheck Protection Program loan?
500 employees or fewer – Small businesses, 501 (c)(3)
nonprofits, and 501(c)(19) veterans’ organizations with 500 employees or fewer
may qualify. So do tribal business (sec. 31(b)(2)(C) of Small Business Act),
sole proprietorships, independent contractors, and self-employed persons.
Affected by the coronavirus – Businesses that were open on
or before February 15, 2020, and have been negatively affected by the
coronavirus may qualify.
Meet SBA size standards – Small businesses in certain
industries that have over 500 employees but meet the Small Business
Administration’s size standards may also qualify.
Multiple locations – If you’re in food-service or hospitality and have fewer than 500 employees at each location, each location may be eligible for a Paycheck Protection Program loan.
How do I prepare?
We’ve got you covered if you’re a QuickBooks Payroll or Intuit Online Payroll customer. If not, you’ll need to gather the following information to apply for a Paycheck Protection Program loan:
- Articles of incorporation for each borrowing entity and by-laws or operating agreement for each borrowing entity
- A list of owners who hold at least a 20% stake in your company and copies of their driver’s licenses
- Payroll expense verification documents
- IRS forms 940 and 941
- Payroll summary report with corresponding bank statements
- Form 1099-MISC (if you’re an independent contractor)
- Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)
- Certification that all employees live within the United States and a list of employees who do not live in the U.S. and their salaries
- Trailing 12-month profit and loss statement (as of the date of application) for all applicants
- Most recent mortgage or rent statement and utility bills
ABOUT INTUIT: Intuit’s mission is to Power Prosperity Around the World with its global financial platform company with products designed to empower consumers, self-employed and small businesses and to improve their financial lives. The company’s innovative ecosystem of financial management solutions serves approximately 50 million customers worldwide.
Please visit, quickbooks.com/SmallBusinessHelp to learn how QuickBooks Capital can assist applicants in determining eligibility and automating much of the PPP application process.
THIS SEGMENT IS SPONSORED BY INTUIT QUICKBOOKS.