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Get the correct payroll report to help you apply for a loan under the Paycheck Protection Program

Learn how to review and download your Average Monthly Payroll Costs report.

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.

With QuickBooks Online Payroll, Intuit Online Payroll, and QuickBooks Desktop Payroll, you are likely to have access to the payroll information you need to help you apply for a loan through the Paycheck Protection Program.

Note: Before you pull your reports for your lender, be sure to check that you’ve uploaded all of your data for the year 2019 into QuickBooks.

What kind of info do I need to get a Paycheck Protection Program loan?

If you’re applying for a loan, you may need various pieces of information covering the last 12 months. You’ll need to be able to calculate your average monthly payroll for 2019 and exclude costs above $100,000 on an annualized basis for each employee.

Here are some monthly average totals you may need:

  • Gross pay
  • Tax withholdings
  • Health insurance premiums
  • Retirement plan funding

What if I don’t have 12 months of payroll?

If you’re a seasonal business, you may use the average payroll for the time period between February 15, 2019 and June 30, 2019. If you're a new business, you may use the average payroll for the time period between January 1, 2020 and February 29, 2020. When you’re gathering these totals, be sure to exclude costs above $100,000 on an annualized basis for each employee.

Where can I find this payroll info in QuickBooks?

Here's how to get the reports you need. Follow the steps below for your version of payroll.

Note: Not sure which payroll service you have? Here's how to find which payroll service you have.

 

  1. Go to Payroll menu, then select Overview.
  2. Select View Report on the New Average Monthly Qualified Payroll Cost report notification
  3. Select the desired lookback period from the Lookback Period dropdown
  4. Select Printer-friendly version link just above the image of the report.

Note: This report is specific to the needs of the Paycheck Protection Program loans, and so it is only available to view from within the Workers Tab in QuickBooks.

  1. Go to Reports and select the Payroll Details report.
  2. Filter the report by at least the last 12 months, by all locations, and choose Summary by Employee.
  3. Select Update Report.
  4. Select the Printer-Friendly Version on the top right of the screen.
  1. Select Reports, then PPP Average Monthly Payroll Cost.
  2. Select the desired lookback period start and end dates from the dropdowns.
  3. Select Print or Export.

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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