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Intuit

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

 

The Coronavirus Response and Relief Supplemental Appropriations Act of 2021 was signed into law on December 27, 2020. The law includes an additional $284.45 billion in funding for Paycheck Protection Program (PPP) loans to help small businesses.

The SBA may issue additional guidance. Please refer to the SBA and Treasury to confirm current program rules and how they apply to your particular situation.

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

If you’re eligible for our program, you can apply for a Second Draw Paycheck Protection Program loan within QuickBooks Capital to be funded by our SBA-approved lending partner, Cross River Bank (“CRB”). You can use the loan for payroll, rent, health insurance, utility costs, and other eligible uses. After your loan forgiveness Covered Period (between 8 and 24 weeks after receiving a PPP loan), you can apply for forgiveness.

Note: Because of the terms of our program, your business may be eligible for a higher loan amount through CRB directly or another SBA-approved lender. For example, we are only accepting applications for $150,000 or less.

Here’s how to determine if you’re eligible to apply for a Second Draw PPP loan within QuickBooks Capital and how to get started with your application.

Check if you’re eligible to apply within QuickBooks Capital

QuickBooks Capital is offering a Second Draw PPP loan application process, for loans up to $150,000, to certain eligible borrowers that previously received their first PPP loan by applying through QuickBooks Capital.

QuickBooks Capital is not accepting loan applications from partnerships, Schedule C filers, Schedule F filers, or applicants for which a non-natural person has an ownership stake of 20% or more. 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 find another SBA-approved lender that 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.

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.

Step 1: Make sure you have the correct info

Information you need to include

If you're applying for a Second Draw 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 receive the Second Draw 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 and all owners who own 20% or more of the applicant

We’ll also need your Social Security Number and the Social Security Number for each 20% or more owner. As the person applying for the loan, you will also need to be the Master admin for your company's QuickBooks account.

Information we import into QuickBooks Capital

If you're applying for a PPP loan within QuickBooks Capital, we're able to help calculate your maximum loan amount using paychecks generated within your QuickBooks payroll account. We can also pull in information from the application for your 2020 First Draw PPP loan. To support your loan, we’ll import your PPP payroll expenses report and your payroll details report that cover your selected lookback period and save them as part of your loan file. You are responsible for reviewing your payroll expenses and verifying that the average monthly payroll costs you include in your loan request are accurate. Your final loan amount will be determined by your lender following rules set by SBA.

QuickBooks Capital is able to help borrowers with loans of up to $150,000 based on calendar year 2019 or calendar year 2020 payroll costs processed by QuickBooks Payroll. The loan amount available through QuickBooks Capital may be lower than the amount for which you are qualified. Our lending partner Cross River Bank may be able to help you directly with a loan of more than $150,000, including because they may use additional payroll expense periods (such as the last twelve months, or a seasonal period) and support calculations based on payroll not processed by QuickBooks Payroll.

Learn more about how we calculate your qualified loan amount.

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.

 

Step 2: Apply for the loan within QuickBooks Capital

Once you’ve gathered all the info you need, you can start your application for a Second Draw Paycheck Protection Program loan within QuickBooks Capital. Select the payroll product you use to see the steps.

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

  1. Go to Capital in QuickBooks.
  2. If you're eligible to apply for a Second Draw PPP loan within QuickBooks Capital, you'll see an invitation in the PPP Center box.
  3. Select Get Started to start your application.
  4. Follow the instructions on each page to fill out, review, and complete your application.

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 for the Second Draw 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 the Intuit Account you use for your company.
  3. Select the Tell me more button, and select Continue.
  4. Follow the instructions on each page to fill out, review, and complete the application.

  1. Select the To Do tab.
  2. In the Easily apply for a Paycheck Protection Program loan! box, select the Apply now or check the status.
  3. Select Continue. 
  4. Follow the instructions on each page to fill out, review, and complete the application.

Step 3: Wait for a response on your application

If your Second Draw 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 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.

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