Get a quick start on your Paycheck Protection Program loan

QuickBooks created an easy way for small business owners, self-employed individuals, and other eligible applicants to apply for a Paycheck Protection Program (PPP) loan. The program is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which allotted approximately $659 billion in forgivable loans to help you pay employees and cover certain operating expenses.

QuickBooks support with the Paycheck Protection Program

The path to U.S. federal funding begins with QuickBooks

If you’re a Payroll customer or a QuickBooks Self-Employed customer who filed 2019 taxes with TurboTax Self-Employed, sign in to see if Paycheck Protection Program loan applications are available in your product. Availability may vary.

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How to apply for a PPP loan

If you’re a Payroll customer or a QuickBooks Self-Employed customer who filed 2019 taxes with TurboTax Self-Employed, 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.

Prepare for Paycheck Protection Program loan forgiveness

Who qualifies for a Paycheck Protection Program loan?

  • 500 employees or fewer
    Small 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).
  • Affected by the coronavirus
    Businesses that were open on or before February 15, 2020, and have been negatively affected by the coronavirus.
  • Multiple locations
    If you’re in food service or hospitality and have fewer than 500 employees at each location, each location may be eligible for a Paycheck Protection Program loan.
  • Self-employed individuals
    This 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.

How to prepare for loan applications

If you’re a Payroll customer or a QuickBooks Self-Employed customer who filed 2019 taxes with TurboTax Self-Employed, QuickBooks Capital may be able to help you. If not, you’ll need to gather the following information to apply for Paycheck Protection Program loan:

  • Articles of incorporation for each borrowing entity and by-laws or operating agreement for each borrowing entity
  • A list of owners who hold at least a 20% stake in your company and copies of their drivers licenses
  • Payroll expense verification documents
  • Payroll summary report with corresponding bank statements
  • Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)
  • IRS forms 940 and 941
  • Form 1099-MISC if you’re an independent contractor
  • Certification that all employees live within the U.S. and a list of employees who do not live in the U.S. and their salaries
  • Trailing 12-month profit and loss statements (as of the date of application) for all applicants
  • Most recent mortgage or rent statements and utility bills

To apply with a lender other than QuickBooks Capital, you may need 3 things:

  • Your Form 1040 2019 Schedule C. (It’s OK if you haven’t filed it yet.)
  • Documentation that proves you are self-employed, like a 2019 1099-MISC, invoice, bank statement, or book of record
  • Documentation that proves you were in operation on Feb. 15, 2020 (like an invoice, bank statement, or book of record)

If you filed your 2019 taxes with TurboTax Self-Employed and are a QuickBooks Self-Employed customer:

  • You can start your application for a Paycheck Protection Program loan within QuickBooks Capital. We’ll help you import your TurboTax info to verify your eligibility and requested loan amount.

Related articles and resources

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Get answers to your PPP questions, find tips from experts, and learn more about how you can apply for the program’s loan within QuickBooks Capital.

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Frequently asked questions

Check out additional frequently asked questions to learn more about the Paycheck Protection Program.