QuickBooks has originated a facile and comfortable procedure to contribute for a Paycheck Protection Program (PPP) credit for small-scale business administrators, independent people, freelance, and other acceptable aspirants. This article covers the detailed information on PPP through QuickBooks and other concepts associated with it.MyOnePro comes with full details which not only helps you for PPP loan setup but user can find the detailed instruction for reporting and QuickBooks PPP loan forgiveness procedure .
What Is QuickBooks Paycheck Protection Program ?
Significance of Paycheck Protection Program:
PPP (Paycheck protection program) acts as a main component of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that gives up to $349 billion in government-supported advances to support independent ventures and other qualifying individuals capable to subsidize finance costs and other working & functional costs.
According to this program you are desirable for up to $10 million. It relies upon the estimated regularly scheduled finance expenses. You can easily 75 percent to subsidize pay rates and other work environment benefits like protection & insurance premiums, PTO, retirements, rent, deposits, mortgage interest, and utilities.
Who Qualifies For PPP through QuickBooks
PPP loan eligibility:
Small-scale companies and other tribal organizations that meet the criteria of SBA are eligible for PPP loans.
Below-mentioned is eligible to apply for PPP loan:
- Companies with less than 500 employees:
This includes small business agencies, 501 (c)(3) nonprofits company, 501 (C)(19) veterans’ department, and more
- Meet threshold of Small Business Administration:
It comprises relevant company code, with business exceptions in food services and accommodation factories with less than 500 employees
- Coronavirus affected Business:
The organizational business that has been in functional on 15 Feb 2020 .This comprises both part-time and full-time employees who suffer from COVID-19.
Mandatory Documents To Apply PPP In QuickBooks
Collect the following documentation before applying for PPP loan:
- Incorporation articles
- Duplicates of every proprietor’s driver’s license
- Finance cost confirmation certificate
- Affirmation that all representatives staying in the United States
- A point by point rundown of employees who don’t live in the U.S related to salary
- A trailing year benefit and loss statement /invoice
- Confirmation costs like lease or home loan installments, interest installments on obligations, and utility payments
How To Apply For PPP Through QuickBooks Capital?
Acceptable applicants can continue applying for a Paycheck protection program loan. These funds can further implement for payroll, health insurance, rent, and other utility expense. A self-employed employee who already filled a 2019 IRS form 1040 Schedule C along with TurboTax can log in to discover the Paycheck protection program loan enabled product, self-independent individuals, and get an EIDL loan between 31 January -3 April 2020 are permitted to Apply via QuickBooks Capital.
Do you know How To Setup Loan Account In QuickBooks , if not first read out instruction guide of MyOnePro .
Setup PPP Loan QuickBooks Desktop
Below is the list of steps that you will require to perform to apply for PPP loan:
Step 1 -Collect accurate information:
- Bank routing & account number
- Social Security Number of an applied individual
- Average monthly payroll costing
- Monthly profits
Step 2-Apply for a loan via QuickBooks Capital:
After gathering precise information now you can proceed with an application for a PPP inside QuickBooks Capital.
Below are the stages:
Stage1-Gather advance update for QuickBooks Desktop:
- Explore the Help menu
- Pick Update QuickBooks Desktop
- Hit on Update Now option
- Choose Checkbox which says Reset Update
- Select Get updates to begin download
- Click on Update QuickBooks Desktop dialog box
- Select Ok and wait for few moments once the updates download
- Review guidance to install the latest release
Stage2- Continue your application Apply for a PPP loan inside QuickBooks Capital
- Navigate Employee menu, pick Payroll Center and hit on Update application option
- Sign your account with provided credentials
- Select the tell me more tab and proceed with Continue option
- Write the fields appearing on-screen with the collected information
- After entering accurate information hit on Next option
- Enter Social Security number along with DOB
- Hit on Next tab
- Check complete information you filled on your application
- Click on Confirm option
- Review the lender partner details
- Pick checkboxes
- Fill the questions answer and click on confirm tab
- Hit on Review and sign
Step 3:Wait for an application response:
You will receive notification regarding acceptance of the loan application via registered email address. If sometimes the mail does not appear so it is suggested to open the email in a spam folder.
Help Setting UP PPP Loan QuickBooks Pro, Premier , Enterprise
Stay in connect for further advice:
Providently, the above information is enough to apply for PPP through QuickBooks. The QuickBooks expert team is available 24*7 to assist you with further inquiry, relevant guidance and provide you the best assistance for any QuickBooks queries.