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Start your application for a Paycheck Protection Program loan within QuickBooks Capital

Learn how you can start the application process for a Paycheck Protection Program loan within QuickBooks Capital.

Within QuickBooks Capital, eligible applicants can start their application for a Paycheck Protection Program loan. You can use the loan for payroll, rent, health insurance, utility costs, and more. After 8 weeks of receiving a PPP loan, you can apply for forgiveness.

Note:
  • If you're a QuickBooks Self-Employed customer who filed a 2019 IRS Form 1040 Schedule C with TurboTax, you can sign in to see if your product enables a Paycheck Protection Program loan application. Self-employed individuals who have employees or have received an EIDL loan between January 31, 2020, and April 3, 2020, are not eligible to apply through QuickBook Capital.
  • If you'd like to apply to a lender outside of QuickBooks, you can gather the information you need and use the information in your payroll account to help you prepare and submit your loan application to an approved SBA Paycheck Protection Program lender of your choice.

Follow these steps to see what you'll need and how to apply for a Paycheck Protection Program loan within QuickBooks Capital.

Step 1: Make sure you have the correct info

Information you need to include

If you're applying for a PPP loan within QuickBooks Capital, you'll need a few pieces of information.

Bank routing and account number

We'll need your bank routing and account number to transfer the loan amount to your bank account if you're approved and received the PPP loan. Even if you've already connected your QuickBooks or payroll to your bank account, you still need to include your bank routing and account number in the application.

If you already have a bank account connected to QuickBooks, we recommend including it on your loan application, as it will make record-keeping easier for you.

Social Security Number of the person(s) applying

We also need the Social Security Number of the individual applying for the loan so that we may verify their identity. The person applying for the loan also needs to be the Master admin for your company's QuickBooks account. Your accountant cannot apply on your behalf.

Information we import into QuickBooks Capital

If you're applying for a PPP loan within QuickBooks Capital, we're able to use some of the information you've previously put into your QuickBooks account and can pull in some information from your TurboTax account to include with your application.

This information is used to help you determine your qualified loan amount. If you're an eligible business or organization owner, we use your average monthly payroll expenses. If you're an eligible self-employed individual who does not have employees, we use your net profit amount in your 2019 Form 1040 Schedule C on line 3.

Note: If we're not able to pull this information automatically, you will not be able to complete your application within QuickBooks Capital. You'll need to apply with another lender.

Average monthly payroll expenses

If you're an eligible business or organization and you have employees, your qualified payroll costs (on average) each month will be calculated for you based on the information you have previously entered into QuickBooks. This total helps you determine your loan request amount.

Note: We use various pieces of information covering the last 12 months and/or calendar year 2019 to get your monthly average. Learn more about how we calculate your qualified loan amount.

Average monthly earnings If you're an eligible self-employed individual who doesn't have employees and you're applying for a PPP loan within QuickBooks Capital, we'll use the information you filed on Form 1040 Schedule C for 2019.

We’ll take the amount that's included on line 31 on the Schedule C form. If line 31 on Schedule C is greater than $100,000, the number is reduced to $100,000. That number is then divided by 12 and then multiplied by 2.5 to get the total amount you may be eligible to apply for. If line 31 on Schedule C is zero or less, you're not eligible for a PPP loan.

Note: The QuickBooks Capital enabled Paycheck Protection Program loan application process supports self-employed individuals who do not have employees.

Step 2: Apply for the loan within QuickBooks Capital

Once you’ve gathered all the right information, you can start your application for a Paycheck Protection Program loan within QuickBooks Capital.

Note: Don’t know what payroll service you have? Find out which payroll service you have.

Pick the product you use to start the application.

  1. Select Capital, then on the Federal Relief Funds box, select the Tell me more button, and select Continue.
  2. Over the next few screens, fill in the following fields with the information you've gathered or answer the questions on the page, and select Next.
  3. On the Tell us about your business page, confirm all the information on the page is correct, and then select Next. 
  4. Enter your Social Security number and Date of Birth in the text fields, and select Next.
  5. Enter your bank routing number and bank account number in the text fields, and select Next.
  6. Review all the information, then select the checkboxes to confirm, and then select Accept and submit.
  7. Review all the information you’ve included on your application, and select the Confirm button.
  8. Review all the information from our lender partner, select the checkboxes, then answer the two questions, and select the Confirm and accept button.
  9. Select the Review and sign button.

  1. Select Capital, then on the Federal Relief Funds box, select the Tell me more button, and select Continue.
  2. Over the next few screens, fill in the following fields with the information you’ve gathered or answer the questions on the page, and select Next.
  3. On the Tell us about your business page, confirm all the information on the page is correct, and then select Next. 
  4. Enter your Social Security number and Date of Birth in the text fields, and select Next.
  5. Enter your bank routing number and bank account number in the text fields, and select Next.
  6. Review all the information, then select the checkboxes to confirm, and then select Accept and submit.
  7. Review all the information you’ve included on your application, and select the Confirm button.
  8. Review all the information from our lender partner, select the checkboxes, then answer the two questions, and select the Confirm and accept button.
  9. Select the Review and sign button.

Note: The Payroll Protection Program application may be available for users who have QuickBooks 2019, 2018 and 2020 editions. Check back soon for updates.

Step 1: Get the latest update for QuickBooks Desktop

  1. Go to the Help menu and select Update QuickBooks Desktop...
  2. Go to the Update Now tab, select the Reset Update checkbox, and select Get Updates to start the download.
  3. On the Update QuickBooks Desktop popup, select OK.
  4. Wait about 5 minutes for updates to download to your computer.
  5. When the download finishes, restart QuickBooks.
  6. When prompted, accept the option to install the new release.

Step 2: Start your application Apply for the PPP loan within QuickBooks Capital

  1. Go to the Employee menu, then Payroll Center, and select the Update application button found on the Your PPP Loan modal.
  2. If prompted, sign in to your account using your Intuit Account you use for your company.
  3. Select the Tell me more button, and select Continue.
  4. Over the next few screens, fill in the following fields with the information you’ve gathered or answer the questions on the page, and select Next.
  5. On the Tell us about your business page, confirm all the information on the page is correct, and select Next.
  6. Enter your Social Security number and Date of Birth in the text fields, and select Next.
  7. Enter your bank routing number and bank account number in the text fields, and select Next.
  8. Review all the information, then select the checkboxes to confirm, and then select Accept and submit.</strong
  9. Review all the information you’ve included on your application, and select the Confirm button.
  10. Review all the information from our lender partner, select the checkboxes, then answer the two questions, and select the Confirm and accept button.
  11. Select the Review and sign button.

Step 3: Wait for a response on your application

If your PPP loan application is received and approved, you'll get a notification on your QuickBooks Capital dashboard and a confirmation email. You should see an email with the title "[your amount] from the Paycheck Protection Program for you." If you can't find it, search for the title in your inbox. Make sure you check your spam folder and you have access to the email that is tied to your account.

Note:
  • If QuickBooks Capital needs more information from you, you may receive a phone call from us or you'll be notified in QuickBooks or Intuit Online Payroll. If we don't hear back from you within 3 to 5 days after contacting you, your loan application may be canceled.
  • You can also check the status of your application by signing into QuickBooks and visiting the QuickBooks Capital dashboard.

 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 latest guidance from SBA and Treasury to confirm current program rules. The funding described in this email is made available to businesses located in the United States of America and are not available in other locations. 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 Inc. 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.

Paycheck Protection Program (PPP) loans offered within QuickBooks Capital may be made by Intuit Financing Inc. (d/b/a QuickBooks Capital) or by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. QuickBooks Capital is licensed as Intuit Financing Inc. (NMLS # 1136148), a subsidiary of Intuit Inc. In California, loans are made or arranged under CFL Licensed #6054856. Minimum loan amount varies by state. Intuit Financing Inc., (d/b/a QuickBooks Capital) is an authorized SBA Paycheck Protection Program Lender.

The QuickBooks Capital enabled Paycheck Protection Program loan application process supports certain single-owner and multi-owner businesses, as well as certain self-employed individuals. QuickBooks Capital is not able to process 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, 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.

Loan and forgiveness calculations and eligibility may vary. Refer to the SBA.gov for information about your particular situation.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

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