See if you might be eligible for a Second Draw Paycheck Protection Program loan before you apply within QuickBooks Capital.
Note: The Paycheck Protection Program was reopened on January 11, 2021. The SBA may issue additional guidance and we will update our resources accordingly. Please refer to the SBA and Treasury to confirm current program rules and how they apply to your particular situation.
Paycheck Protection Program (“PPP”) eligibility is governed by the Small Business Administration (SBA).
What are the SBA’s requirements?
In general, in order to to be eligible for the PPP, your organization needs to meet, at a minimum, the following requirements:
Affected by the coronavirus
Your business or organization needed to be open on or before February 15, 2020, and have been negatively affected by the coronavirus. Your organization must have had employees for whom it paid salaries and payroll taxes or paid independent contractors, as reported on Form(s) 1099-MISC.
Meet SBA size standards (number of employees)
You need to have under 300 employees, or which meet the Small Business Administration’s size standards.
Meet the business type requirements
You need to be a business, 501 (c)(3) nonprofit, 501(c)(6) organization, 501(c)(19) veterans’ organization, housing cooperative, or a tribal business (15 U.S.C. § 657a(b)(2)(C)) in certain industries. You may also be eligible if you are a sole proprietorship, an independent contractor, or an eligible self-employed individual.
To be eligible your business or organization has to have been in operation on February 15, 2020.
To be eligible, your business must have also had a reduction in gross receipts in excess of 25% over two comparable time periods. See this article for details.
Note: You may apply for a Second Draw PPP loan before applying for forgiveness for your first loan. However, you must apply for forgiveness on your first PPP loan if you intend to request more than $150,000 for your Second Draw PPP loan.
What if I have multiple locations?
If you’re in the food service or hospitality industries, have more than 300 employees, but have fewer than 300 employees at each location, you also may be eligible for a Paycheck Protection Program loan.
Am I eligible to apply for a Second Draw PPP loan within QuickBooks Capital?
QuickBooks Capital is only offering a Second Draw PPP loan application process to certain eligible borrowers who applied for and received their first PPP loan through QuickBooks Capital. We are also only accepting loan applications for $150,000 or less.
At this time, QuickBooks Capital is not able to process loan applications from Schedule C filers who have employees, seasonal businesses, or recipients of an EIDL loan between January 31, 2020, and April 3, 2020. QuickBooks Capital does not support users located in AK, NV or the U.S. Territories.
If you’re not eligible to apply for a Second Draw PPP loan within QuickBooks Capital, please visit the SBA website to determine your eligibility and find another SBA-approved lender who may be able to help you apply. You may use the information in your payroll account to help you prepare your loan application.
If QuickBooks Capital can process your Second Draw PPP loan, you’ll see an invitation to apply in QuickBooks. Follow these steps to gather what you'll need and apply for the loan.
The QuickBooks Capital enabled Paycheck Protection Program loan application process supports certain single-owner businesses and self-employed individuals who do not have employees. QuickBooks Capital does not support users located in AK, NV, nor the U.S. Territories. Given the large demand for additional authorized Paycheck Protection Program funds, not every qualified Paycheck Protection Program applicant will receive a loan.
What if I don’t meet the requirements to apply for a PPP loan?
If you'd like other federal relief funding, you can visit Intuit's Aid Assist site.
Regulations and guidance from the SBA and the U.S. Department of Treasury on the PPP are evolving rapidly, and the information contained herein be outdated. Please refer to the SBA and Treasury to confirm current program rules.
Loan and forgiveness calculations and eligibility may vary. Refer to the SBA.gov for information about your particular situation.
The funding described in herein is made available to businesses located in the United States of America and are not available in other locations.
Regulations and guidance from the SBA and the U.S. Department of the Treasury on the PPP are evolving rapidly and the above information may be outdated. Please refer to the SBA and Treasury to confirm current program rules and how they apply to your particular situation. Given the large demand for additional authorized Paycheck Protection Program funds, not every qualified Paycheck Protection Program applicant will receive a loan. The funding described is made available to businesses located in the United States of America and are not available in other locations. Previous approval of a Paycheck Protection Program loan does not guarantee approval of a second PPP loan.
Paycheck Protection Program (PPP) loans offered within QuickBooks Capital are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC.
This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Financing Inc. (dba QuickBooks Capital) does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers should verify statements before relying on them.