New legislation provides additional PPP loan funding
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 path to U.S. federal funding begins with QuickBooks
If you’re a Payroll customer, sign in to see if you’re eligible to apply for a PPP loan application.
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How the PPP works
If you’re a Payroll customer, the following steps will make it easy to get started. If one of these does not apply to you, you can still submit your application for a PPP loan to another approved SBA lender. First, you’ll need to gather your relevant business documents.
Relief programs are evolving regularly. For the most up-to-date information, visit SBA.gov.
Who qualifies for a Paycheck Protection Program loan?
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500 employees or fewerSmall businesses, 501 (c)(3) nonprofits, and 501(c)(19) veterans’ organizations with 500 employees or fewer. So do Tribal businesses (sec. 31(b)(2)(C) of Small Business Act).
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Affected by the coronavirusBusinesses that were open on or before February 15, 2020, and have been negatively affected by the coronavirus.
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Meet SBA size standardsSmall businesses in certain industries that have over 500 employees but meet the Small Business Administration’s size standards.
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Multiple locationsIf you’re in food service or hospitality and have fewer than 500 employees at each location, each location may be eligible for a PPP loan.
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Self-employed individualsThis includes sole proprietors, independent contractors, and gig workers who were (1) operational on or before Feb. 15, 2020, (2) were an individual with self-employment income, (3) have a principal residence in the U.S., and (4) filed or will file a Form 1040 Schedule C for 2019.
Who qualifies for a PPP loan?
If you’re a Payroll customer, QuickBooks Capital may be able to help you. If not, gather the following information to apply for PPP loan:
- Eligible businesses and organizations
- Small businesses, 501 (c)(3) nonprofits, 501(c)(19) veterans’ organizations, and Tribal businesses (as described in sec. 31(b)(2)(C) of Small Business Act) that employ no more than 500 employees.
- Certain news organizations or nonprofit public broadcasting entities that employ no more than 500 employees per location.
- Housing cooperatives, eligible section 501(c)(6) organizations, or eligible destination marketing organizations that employ no more than 300 employees.
- Independent contractors, eligible self-employed individuals, and sole proprietors.
Note: Employees of an organization are counted together with any affiliates, if applicable.
- Meet SBA size standards.Small businesses in certain industries that have over 500 (or 300) employees but meet the Small Business Administration’s size standards may still be eligible for a PPP loan.
- Multiple locationsIf you’re in food service or hospitality and have fewer than 500 employees at each location, each location may be eligible for a PPP loan.
- Economic uncertainty Applicants will be required to certify that current economic uncertainty makes the loan request necessary to support ongoing operations.
- In operation on February 15, 2020 Applicants must have been in operation on February 15, 2020, and either paid employees, paid independent contractors, or were an eligible self-employed individual, independent contractor, or sole proprietorship with no employees.
- Recipient of first PPP loan Applicant has received a PPP loan and has used or will use the full amount of the previously received loan on eligible expenses on or before the date on which the second PPP loan is disbursed.
- 300 employees or fewerGenerally, an applicant is only eligible for a second loan if it has 300 or fewer employees, though this requirement may differ for certain industries.
- Revenue reduction of at least 25% Eligible borrowers must show a reduction of at least 25% in gross receipts in 2020 compared to their 2019 revenue.
Related articles and resources
How can I use my Paycheck Protection Program loan?
PPP loans may be used for eligible payroll costs (cash compensation, state and local payroll taxes, and certain benefits) and eligible non payroll costs (certain payments of mortgage interest, rent, utilities, operations expenditures, property damage costs, supplier costs, and worker protection expenditures).
Am I eligible to apply for a PPP loan?
In general, small businesses with fewer than 500 employees are eligible to apply for a PPP loan. Second time borrowers with 300 or fewer employees are eligible to apply for a second loan (among other requirements).
Get guidance on federal programs
New COVID-19 relief package passedHow to apply for federal emergency loansWhat you should know about the CARES Act
Frequently asked questions
Check out additional frequently asked questions to learn more about the Paycheck Protection Program.
- Update the latest version of QuickBooks. Go to Help, select Update QuickBooks Desktop, then select Update Now. Instructions can be found here.
- Close and restart your QuickBooks.
- Visit the Payroll Center to start your application.*