On April 24, 2020, President Donald Trump signed into law a new federal stimulus package authorizing an additional $484 billion of coronavirus relief funding, of which $310 billion was allocated to replenish the government-backed Paycheck Protection Program (PPP).
Given the large demand for federal relief funds, these additional PPP funds could run out within days.
How the new PPP funds may benefit small businesses
The original $349 billion allocated to the PPP was depleted within two weeks of the program’s announcement. Small businesses struggled to compete with larger businesses that were obtaining loans faster than mom-and-pop shops.
This new relief package allocates $60 billion of the supplemental PPP funding to insured depository institutions, credit unions, and community financial institutions.
Business owners have been submitting applications with eligible lenders in anticipation of the renewed PPP funding. Many businesses still need relief, and experts predict the $310 billion in additional funding could dry up within a week.
How small businesses can access new PPP funds
Eligible small businesses can collect all the required documents and apply with a PPP-approved lender. Time is of the essence. QuickBooks Payroll customers can apply for PPP loans within QuickBooks Capital. We will submit applications to the Small Business Administration (SBA), if we are able, should additional funds become available.
Many lenders have been communicating with their clients throughout this process. If you’re unsure of the status of your PPP application, follow up with your lender directly for more information.
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. is a licensed lender in states that require a license. Our service is limited to commercial or business loans only. State licenses include: AK #10000990, CA #6054856, DC #ML1136148, FL #CF9901279, MD #03-2339, MN #MN-RL-1136148, NM #1899, ND #MB102690, RI #20183584SL, RI #20183583LL, SD #MYL.3279, TN #166418, VT #7194 and VT #7195.
Intuit Financing Inc., (d/b/a QuickBooks Capital) is an authorized SBA Paycheck Protection Program Lender.
Loan and forgiveness calculations and eligibility may vary. Refer to the SBA.gov for information about your particular situation.
Coronavirus relief programs are evolving regularly. Please visit SBA.gov or https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses for the most up to date information.
The funding described is made available to businesses located in the United States of America and are not available in other locations.
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