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Level 2

PPP loan forgiveness

I am totally lost as to why we aren't given any information as to how and where to file for the loan forgiveness.

There are so many requests online asking for information about filing PPP loan forgiveness.  We just need timely answers.

23 Comments
QuickBooks Team

PPP loan forgiveness

I can share some information about the Paycheck Protection Program (PPP) loan forgiveness, @robinz46.

 

You can apply for a Paycheck Protection Program (PPP) loan forgiveness if certain requirements are met. The PPP offers government-backed, forgivable loans to eligible businesses and organizations. 

 

Here’s guidance from SBA and Treasury and the related Instructions for Borrowers to confirm current program rules.

 

You can send the loan application within QuickBooks Capital. However, you can also apply for a PPP loan through an approved SBA lender outside of QuickBooks Capital. 

 

To know more about this, check this article: Use reports to apply for a Paycheck Protection Program loan.

 

To start your loan application within QuickBooks Capital, make sure to get the latest update for QuickBooks Desktop.

 

Then, proceed to the steps outlines to this article on how to apply for the loan within QuickBooks CapitalStart your application for a Paycheck Protection Program loan within QuickBooks Capital.

 

Also, you can check these links if you have any more questions about the CARES Act:

Let me know if there's anything that I can help. I'm always here to assist. Keep safe!

Level 1

PPP loan forgiveness

This answer doesn't answer the question.  The question was more...if we applied for a loan via QuickBooks Capital, how do we then apply for the forgiveness through QuickBooks Capital?  It was so easy to get the loan through QB.  Why isn't there a link that pops up to fill out the forgiveness app?  Or do we need to go outside of QuickBooks to apply for the forgiveness?

QuickBooks Team

PPP loan forgiveness

Hi @Robin7510,

 

Allow me to clear things up for you. 

 

At this time, the option to apply for the PPP Loan Forgiveness is unavailable within QuickBooks Desktop (QBDT). You can refer to this online PDF file that has the instructions on what you need to do so you can proceed: Loan Forgiveness Application Instructions

 

I also suggest you see this article: Paycheck Protection Program loan forgiveness. It provides insights on how to utilize the PPP funds so you can maximize the loan forgiveness. 

 

Tap the Reply button if you have other questions. Place them in the comments below, and I'll get back to you. 

Level 2

PPP loan forgiveness

Hi Ryan, 

 

So I have filled out my loan forgiveness - how do I submit it.    I applied through quickbooks capital but how to I now submit the loan forgiveness app?

QuickBooks Team

PPP loan forgiveness

Thanks for informing us in advanced that you applied the loan through QuickBooks Capital, ctrconcretecontractor.

 

I can see that you've also asked the same question in a separate thread about submitting the PPP loan forgiveness application.

 

Let me share the link with you to get the details provided by one of the QuickBooks Team members: https://quickbooks.intuit.com/learn-support/en-us/ffcra-and-cares-acts-including-the-ppp/re-ppp-loan....

 

Please continue to add a reply below or visit us again if you have other questions. 

Level 1

PPP loan forgiveness

Please check this: 

Paperwork Reduction Act – You are not required to respond to this collection of information unless it displays a currently valid OMB Control
Number. The estimated time for completing this application, including gathering data needed, is 180 minutes. Comments about this time or the
information requested should be sent to Small Business Administration, Director, Records Management Division, 409 3rd St., SW, Washington DC
20416, and/or SBA Desk Officer, Office of Management and Budget, New Executive Office Building, Washington DC 20503.

Level 1

PPP loan forgiveness

What am I missing - The SBA will only received the PPPLoan "Forgiveness" Applications from the Lenders.  Why hasn't Intuit Financing started accepting the Forgiveness Applications.  Especially for the 1st wave of borrowers.  This is crazy.  Any thoughts on this?

QuickBooks Team

PPP loan forgiveness

Hello, TMB2020. 

 

As mention above, you can submit the application loan within QuickBooks Capital, and also you can apply for a PPP loan through an approved SBA lender outside of QuickBooks Capital.  

 

With that said, to learn more about the guidelines from SBA and Treasury and the detailed Instructions for Borrowers to verify the present scheme rules. 

 

For more details about this one, check out the Paycheck Protection Program loan forgiveness article.  

 

To learn more about the workflow in applying for PPP loan forgiveness, check out these links for reference: 

 

 

Let me know if there's anything you need more clarification about PPP Loan forgiveness in QuickBooks. I'm just one post away. Have a great day, and stay safe!

Level 3

PPP loan forgiveness

QUickbooks Capitol needs to respond to the questions being asked, the weekly update of "its october 12th, now, we still do not have a solution, just wait" (and accrue interest)  is quiet insufficient.

 

Comments saying send to SBA are incorrect.  The forgiveness application is to go to the Lender or the entity processing the loan (eg QuickBooks Capitol in their customer's case)

 

It seems we should be able to file the OMB form directly then . And as a lender QuickBooks Capitol has to have published contact info.

From QuickBooks own site: You have 10 months from the end of your loan forgiveness covered period, or from December 31, 2020 (whichever comes first), to apply for forgiveness. Once you submit your application for forgiveness, your lender has 60 days to accept or deny your application.

 

 

SO maybe we should all just mail off to their physical address? (from QuickBooks capitol legal page)

"QuickBooks Capital is provided by Intuit Financing Inc., a corporation incorporated in the state of Delaware, headquartered at 2700 Coast Avenue, Mountain View, CA 94043. It is a subsidiary of Intuit Inc., a corporation incorporated in the state of Delaware, headquartered at 2700 Coast Avenue, Mountain View, CA 94043.

Intuit Financing Inc. is a licensed broker in states that require a license. Our service is limited to commercial or business loans only.

Nationwide Mortgage Licensing System and Registry ID: 1136148

CALIFORNIA

Real Estate Broker License #: 01960430
Finance Lending License #: 605485

 

 

QuickBooks Team
QuickBooks Team

PPP loan forgiveness

Running your business during COVID-19 can be a bit confusing, but rest assured, we're here to help, hmbprius.

 

We are exploring all options to support our customers through this difficult time. In this case, it would be best to contact QuickBooks Capital Team Support. They'll pull up your account in a secure environment. Then, they'll provide detailed information with your concern about filing the OMB form. 

 

Aside from reaching them out with the physical address, we can contact them directly on their website. Let me show you how:

  1. Go to this link: https://quickbooks.intuit.com/capital/faqs/.
  2. Scroll down to Want to talk to someone on our team section.
  3. Tap the Schedule a call button for a callback. 
  4. You can also click the Live Help tab to message our agent, 

 

To learn more about our latest resources for your business that may help during these challenging times, check out this article: QuickBooks resources and tax info for businesses impacted by the coronavirus (COVID-19). I also have the articles here or more insights about PPP loan:

 

The Community will always have our back if you need a hand with running your business in QuickBooks. Assistance is just one post away. You have a good one, 

Level 2

PPP loan forgiveness

There has been a lot of getting the run around here. Basically QuickBooks Capital, please direct to us where we should be filing the documentation needed for loan forgiveness. I use QBO and references have been to the Desktop version only. Where and when can we get the necessary information???

QuickBooks Team

PPP loan forgiveness

Hi there, @kpbrebner.

 

Welcome to this conversation. I'd be glad to direct you to the right support who can answer your concerns about the PPP loan forgiveness. 

 

Here's how to get a hold of our Live Chat support within your QuickBooks Online (QBO) account: 

 

  1. Log in to QuickBooks Online. 
  2. Select the Capital tab on the left menu.
  3. Select the green Live Chat button in the bottom right.

capital.JPG

You may also schedule a call to talk to our QuickBooks Capital team. 

 

For future reference, read through this article: Track how you use your Paycheck Protection Program loan. It helps you learn about recording expenses, checks, or bills as you normally would. 

 

Let me know if there's anything else you need to know, @kpbrebner. The Community Team is always around here for you. 

 

 

Level 3

PPP loan forgiveness

I echo the others here, why is quickbooks giving their clients the run around. Weekly they update their site with "stay tuned for further updates". Tomorrow is the last day the current SBA form EZ for PPP forgiveness is valid. I intend to submit to QBC as my lender via email (which is on your loan documents BTW) as is your SBA # and loan application #. IF and when they (QB) get their long promised application working for us to submit, fine I will submit  but I am not going to hang on edge. This is ridiculous. Does anyone in the first "wave" of PPP have any experience? I tried to chat with their on line chat and this is all I was able to get, basically implying they are waiting on the SBA (ie the story keeps changing). Not very trust inducing.

 

HM of QB at 17:13, Nov 28:

As of right now we do not have an application for forgiveness just yet, we have them covered for the time after the week period, no worries you will not be "charged" or "penalized for and fees or anything of that manor, we ask that they please hang tight while we work to get them an application that is as smooth and customer friendly as possible.

HM of QB at 17:14, Nov 28:

We are waiting for the SBA signal to process the 2nd wave of loan forgiveness in QB.

HM of QB at 17:14, Nov 28:

The application will be available in-product and will populate the needed information just like the initial PPP application did. We will have in-product and email notifications about it when it launches. We do not have a timeline for this, but are working to have it available as soon as possible.

HM of QB at 17:14, Nov 28:

We will send you a notification via email or in product once forgiveness loan application can be submitted or is already available on quickbooks.

Level 3

PPP loan forgiveness

does anoone have any update? Has anyone applied successfully through quickbooks capitol for loan forgiveness? the link stil shows "just wait"

QuickBooks Team

PPP loan forgiveness

Good day, hmbprius.

 

Quickbooks Capital PPP online loan forgiveness application is not currently live. Our team is diligently working to provide you with a user-friendly online forgiveness experience soon that complies with the quickly evolving guidance from the SBA. You will receive a notification in your account and/or via email as soon as we are ready to accept your loan forgiveness application online.

 

Please check these articles for more details:

Keep your posts coming if you need anything else. Stay safe!

Level 3

PPP loan forgiveness

"Quickbooks Capital PPP online loan forgiveness application is not currently live".   hi there - any update yet please? thanks.

QuickBooks Team

PPP loan forgiveness

Hi there, chuckK.

 

I'm here to share some updates about the Quickbooks Capital PPP loan forgiveness.

 

As of now, application for PPP loan forgiveness is still unavailable in QuickBooks. We're also unable to provide a specific ETA for this. Please know that we're doing our best to have it available before the final cutoff date for eligible expenses. Rest assured, you'll receive in-app and email notifications about it when it launches. 

 

In the meantime, keep in mind that PPP loans are eligible to be forgiven in whole or in part if certain criteria are met. You may apply for loan forgiveness 8 weeks after you receive your loan. To prepare, keep a detailed record of your forgivable expenses right after you receive the loan. These expenses may include payroll costs, rent or lease payments, mortgage interest payments, and utility payments.

 

Remember, no more than 25% of the loan forgiveness amount can be attributed to eligible non-payroll costs. Additionally, it's important to keep track of wages and headcount. Reducing wages or headcount may reduce the forgivable amount for some borrowers.

 

Lastly, here's an article that you can read to help get everything set for Paycheck Protection Program (PPP) loan forgiveness.

 

If there's anything else that I can help you with, please don't hesitate to tag me below. I'll be more than happy to help you again.

Level 3

PPP loan forgiveness

hi @KlentB thanks for reaching back out.

i've seen some responses in here from folks saying basically "if applied for PPP loan via QB, then you must request forgiveness through the lender (QB)".

also, i now see this new update posted on your site "UPDATE - December 18, 2020. We've gotten new guidance from the SBA: a simpler forgiveness application for PPP loans under $50,000....

The SBA updated PPP forgiveness for loans under $50,000. Hold tight. You won't miss out on loan forgiveness. The government has a third, simpler application for PPP loans of less than $50,000. We're building applications for all of our PPP Borrowers now, and we expect this newest forgiveness application to be available first. When we're ready to accept forgiveness applications online, we'll send you an email and notify you here. Until then, you don't need to send us an application. We'll contact you directly if we need any documents from you."
 
soooo that tells me to "hold tight".  is that correct?
QuickBooks Team

PPP loan forgiveness

Hey again, chuckK.

 

Thanks for posting and clarifying. After reading through your post and verifying, you're correct. You can hold tight until your receive an email. In the meantime, you can check out our handy loan forgiveness calculator tool.  If there's anything else I can do to help, or if you need further clarification, don't hesitate to post below. 

 

Thanks again and I hope you have a wonderful weekend. 

Level 3

PPP loan forgiveness

@Nick_M @KlentB  thanks nick - will stand down until that app starts working 100%.

you can see where we (QB Users who get the PPP Loan through you guys, can be really confused about all the info flying around).

much thanks. have a great holiday!!

Level 2

PPP loan forgiveness

This answer doesn't answer the question.  The question was more...if we applied for a loan via QuickBooks Capital, how do we then apply for the forgiveness through QuickBooks Capital?  It was so easy to get the loan through QB.  Why isn't there a link that pops up to fill out the forgiveness app?  Or do we need to go outside of QuickBooks to apply for the forgiveness?

Level 3

PPP loan forgiveness

Good morning @Nick_M and @KlentB I hope you had a great New Year's and Christmas.

Was looking for a follow up on the expected "Click here to apply for PPP Forgiveness from QB"

has that been finished yet? what's the status on that module for us to apply for the loan forgiveness THROUGH QB ?

much thanks!

chuck

Level 3

PPP loan forgiveness

this is exactly what i'm after as well :) 

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