I've been waiting to apply for the SBA PPP loan through QuickBooks Capital and just learned that won't be possible because my company has two shareholders with 50/50 ownership. Any indication of when or if QuickBooks will be able to provide these loans?
Hello, and welcome to the Community, augie4781828. You've come to the right place, we're here to help.
You're correct, currently our Paycheck Protection Program application is not set up to support businesses with multiple owners. However, you can still apply for the loan outside of Intuit. You'll need to find a 7(a) lender approved by the Small Business Association. You can make use of our new Aid Assist tool or the Find Eligible Lenders feature on the SBA's website to find one who's local to you.
You can also keep an eye on this article if you'd like, which we'll be updating with any new information about QuickBooks and the loan application: What you need to know about the Paycheck Protection Program
Don't hesitate to reach out to me if you have any questions, that's what I'm here for. Have a wonderful day!
I appreciate your reply.
My company is very small and the financial institution we bank with is not a SBA Lender. Hearing that QuickBooks Capital was working to help QuickBooks clients with securing PPP financing was a huge relief especially after hearing that the banks were prioritizing long standing customers.
When the invitation to submit the application was received 10 days later, I started filling out the application and immediately learned that we weren't eligible because we had two owners. As you can imagine this was very frustrating. After waiting 10 days for the chance to apply, only to discover QuickBooks was limiting participation to what has to be a small subset of its clients I am furious. At this point I fear that the 2nd round of funding will be depleted before my company has a chance to even apply. My attitude about your company has turned from gratitude to anger as a result of this process. Y'all need to do better than this.
I applied for the ppp through my bank and also through QB. I have been approved and have confirmed that I will be receiving the loan through my bank. How do I cancel the ppp application that I submitted in QB?
Hi there, GGR1. You've reached the right place for help with this request.
I've gone ahead and sent you a private message with the steps on how to cancel your Paycheck Protection Program application. Looking forward to helping you there.
Hello there, MK Sailmax.
I'll help you cancel your Paycheck Protection Program application. I've private messaged you with the process for how to cancel. You can respond to me there if you have any questions.
I applied for a PPP Loan through quickbooks, WEEKS ago and still have not received any information through email or anywhere else. I also applied through a small bank, The bank loan was denied because the quickbooks loan was already in the SBA system. I could have already had the money from the bank but still can't get an update from Quickbooks. PLEASE HELP!
I need to know the status of this quickbooks loan ASAP, BEFORE the money runs out.
Hey there, 0412LH.
Allow me to show you where to go to check on the status of your PPP application. On the left-hand side of the screen, you'll find a Capital tab. This tab is where you'll be able to find any notifications or updates to your PPP loan application. Also, keep an eye on the following link, it has helpful tools and information regarding the PPP loan
If you have any other questions or concerns, feel free to post them below.
Thank you and have a nice afternoon.
Hi there, @W72.
QuickBooks Capital will notify you through email about your loan application status. This means you don't need to provide any additional information for the PPP loan. If you have QuickBooks Online, you can check the status in the Capital tab, but if not, you'll need to wait on an email update.
As for posting a question, you can click the Ask the Community button on the home page. Then you can construct a thread with any question you may have. You can also hit the Reply button on any post you wish to comment on.
Feel free to drop a line below if you have any other questions. I'm always here to help.
Dear Anna, we feel completely abandoned by QuickBooks, at this time we should already have funds on our business bank account if applied with a Bank.
No info, no email, no support , nothing.
At this point what we have to do? Cancel the application with you?
The more posts I read the more concerned I am that I used the wrong company (QB) to apply for the ppp loan. How can I find out if my application was submitted to the sba and what is the typical length of time before people are hearing back after submitting?