Can I get another loan?Ī: We are currently working on a way to support our customers during this next round of PPP funding. Q: I already took out a PPP loan through QuickBooks Capital.
In addition to providing funds for first-time borrowers, the new law provides small businesses with an opportunity to apply for a second PPP loan if they have fewer than 300 employees and can show a reduction of at least 25% in revenue in 2020 compared to their 2019 revenue.1 The maximum loan amount for PPP second-time borrowers is $2 million. Q: How much money will I be able to apply for through PPP?Ī: The new relief package includes an additional $284.45 billion in funding for Paycheck Protection Program (PPP) loans to help small businesses. Eligible customers interested in applying for a first-time PPP loan can apply for a loan directly with Cross River Bank. Q: Are you providing a first-time PPP loan application within QuickBooks Capital?Ī: QuickBooks Capital is not providing a PPP loan application to first-time borrowers. Working with CRB in the second round of PPP funding provides more QuickBooks customers with an easily accessible opportunity to apply for a PPP loan directly through CRB’s platform. Together, with CRB, QuickBooks helped to fund $1.2 billion in PPP loans for QuickBooks customers in 2020. Q: Why should I apply for a loan through Cross River Bank?Ī: QuickBooks Capital partnered with CRB during the first round of PPP funding. Q: Who is eligible to apply for a PPP loan through Cross River Bank?Ī: The CRB application is available to eligible QuickBooks customers and Intuit Online Payroll customers that QuickBooks Capital is unable to serve this round. We are currently working on a way to support our customers during this next round of PPP funding. Q: Who is eligible for a second PPP loan?Ī: The new law states that PPP borrowers with fewer than 300 employees and can show a reduction of at least 25% in revenue in 2020 compared to their 2019 revenue (among other requirements) are eligible for a second PPP loan. Once we have more information to share, we will inform all of our eligible customers.
Q: When will you open the application in QuickBooks to apply for a PPP loan?Ī: QuickBooks Capital will soon provide an easy to use, automated, second PPP loan application process for certain eligible QuickBooks customers seeking a second PPP loan up to $150,000. More information and SBA lenders can be found at the SBA.gov. Q: When will PPP loan applications become available?Ī: The Small Business Administration (SBA) initially reopened the Paycheck Protection Program (PPP) on Januto community-based lenders and is launching to all participating SBA-approved lenders starting Tuesday, January 19, 2021. The law also expands the list of expenses that are eligible for loan forgiveness. This simplified loan forgiveness process is retroactive and will apply to PPP loans of $150,000 or less, including loans from the first round of funding. The law requires the SBA to establish this form within 24 days of enactment. The PPP borrower will only need to sign and submit a one-page certification. The law creates a further simplified PPP loan forgiveness application for loans of $150,000 or less. Additionally, PPP borrowers can now deduct from their taxes any expenses paid using PPP loan proceeds. The maximum loan amount for PPP second-time borrowers is $2 million.
In addition to providing funds for first-time borrowers, the new legislation provides small businesses the opportunity to apply for a second PPP loan if they have fewer than 300 employees and can show a reduction of at least 25% in revenue in 2020 compared to their 2019 revenue. The relief package includes an additional $284.45 billion in funding for first-time and second draw PPP loans to help small businesses. The Act was signed into law on December 27, 2020. Q: What is in the new COVID relief package?Ī: Congress recently passed The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, a $900 billion COVID relief package to deliver the second round of economic stimulus for individuals, families, and businesses. It is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Q: What is the Paycheck Protection Program?Ī: The Paycheck Protection Program was originally created under the Coronavirus Aid, Relief, and Economic Security Act (or CARES Act).
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