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.

QuickBooks support with the Paycheck Protection Program

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.

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 PPP 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.

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.

Note: PPP loans are subject to additional eligibility requirements and criteria. Please refer to the SBA and Treasury to confirm current program rules and how they apply to your particular situation.

Related articles and resources

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Note: The Paycheck Protection Program has been extended to August 8, 2020. The SBA may issue additional guidance. We will update our resources accordingly. Please refer to the SBA and Treasury to confirm current program rules and how they apply to your particular situation.

Frequently asked questions

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