How to Apply for PPP Loan in QuickBooks Capital

How to Apply for PPP Loan in QuickBooks Capital

The majority of small businesses use a PPP (Paycheck Protection Program) loan to retain their employees on the payroll. However, if a user wishes to apply for a PPP loan while also using QuickBooks, there is no need to go through another process. Users of QuickBooks can apply for PPP loans through QuickBooks Capital.

QuickBooks capital PPP

Eligible QuickBooks Payroll support customers should sign into their QuickBooks account to access the first-draw forgiveness application within the QuickBooks Capital PPP Center. Customers who are qualified for a second Paycheck Protection Program (PPP) loan can now begin the application process through QuickBooks Capital today. For this round of investment, the QuickBooks team created an automated, online second PPP loan application experience that is only available to clients who have already obtained a PPP loan through QuickBooks Capital and are looking for a second PPP loan of up to $150,000. In between any assistance required then contact QuickBooks Online Support.

In QuickBooks Capital, there are simply three steps to applying for a QuickBooks capital PPP loan. But these three processes are critical, and none of them can be skipped. Go ahead and get the treatment done, and make sure you follow the steps thoroughly.

Step 1: Gather all of the necessary data

  • If you’re ready to apply for a loan through QuickBooks Capital’s paycheck protection program, you’ll need to gather some information first. We’ve stated a few items here; read them all and double-check each one.
  • Account Number & Bank Routing
  • QuickBooks will ask you for the bank routing and account information to transfer the loan amount to your bank account if you have previously been authorized by QuickBooks or received the PPP loan.
  • Even if your QuickBooks is already linked to your bank account, you must enter your bank routing and account numbers in the program.
  • It’ll also help if you already have a QuickBooks-connected bank account and are using the same account for the loan. It allows you to keep track of your records easily.

Individual’s Social Security Number

  • For identification verification, QuickBooks needs the social security number (SSN) of the person applying for the loan.
  • The individual must have access to the company’s QuickBooks account’s master admin.

Note that a QuickBooks accountant cannot apply for a PPP loan on behalf of a client.

The Data That Will Be Incorporated Into QuickBooks Capital

  • When applying for a PPP loan, all of the additional information in QuickBooks Capital is required.
  • Aside from that, the loan requires information from your Turbotax account.
  • All of this information will aid the individual in determining the appropriate loan amount.
  • However, keep in mind that if you are unable to retrieve your Turbotax account information, you will not be eligible for a loan through QuickBooks Capital. You’ll have to look for a new lender.

Payroll Expenses on a Monthly Basis

  • If you are an eligible firm with workers, the average monthly payroll expenditures information also plays a key part in the paycheck protection program loan.
  • Based on the information previously input into QuickBooks, the qualifying average monthly payroll expenses will be determined. This will assist you in determining the amount of the loan request.

Step 2: Use QuickBooks Capital to apply for a PPP loan

You have gathered all of the information needed to apply for the loan in the previous stage. Proceed to the next step, which is to apply for a PPP loan through QuickBooks Capital.

In QuickBooks Online Payroll, you may apply for a PPP loan

If you utilize QuickBooks Online Payroll, you may apply for a PPP loan in QuickBooks Capital by following the steps below.

  • Choose the ‘Capital‘ option in QuickBooks Online payroll after logging in.
  • Select the ‘Tell me More‘ option after checking the ‘Federal Relief Funds’ box.
  • Select ‘Continue‘ from the drop-down menu.
  • Then, after filling out all of the required information or answering all of the questions on the page, select the ‘Next’ option.
  • You will now be sent to the ‘Tell us about your business’ page, where you must verify that all of the information is correct before clicking the ‘Next’ button.
  • Select the ‘Next‘ option after entering the social security number and date of birth in the text field.
  • Select the ‘Next‘ option after entering the bank account number and routing information.
  • Check that all of the data you entered in the application is valid.
  • Then select ‘Accept and Submit‘ from the drop-down menu.
  • From the drop-down option, choose ‘Confirm.’
  • Review all of the lending partner’s information once again, mark the box, and respond to the two questions.
  • Click the ‘Review and sign’ option after clicking the tab ‘Confirm and accept.’

Read Also :- Benefits of QuickBooks Online in the Tax Season

In QuickBooks Desktop Payroll, apply for a PPP loan.

  • If you use QuickBooks Desktop Payroll, complete the steps in QuickBooks Capital to apply for the PPP (Paycheck Protection Program).

Update QuickBooks Desktop to the most current version

  • To begin, go to the ‘Help’ menu and choose the ‘Update QuickBooks Desktop…’ option from there.
  • See the ‘Reset Update’ option on the ‘Update Now’ page area.
  • Select the ‘Get Updates‘ option to begin the download process.
  • On the ‘Update QuickBooks Desktop’ pop-up, select the ‘Ok’ option.
  • Allow some time for the entire download procedure to complete.
  • Restart the computer after the download is finished.
  • Accept the option to install the updated release at the end.

Prepare an application for a Public-Private Partnership (PPP) loan

  • Select the ‘Payroll center‘ option from the ‘Employee’ menu.
  • Then, from the ‘Your PPP Loan’ modal, select the ‘Update application‘ option.
  • If a popup box appears, sign in to the company’s Intuit account.
  • Click the ‘Tell me more button, then the ‘Continue’ button.
  • Fill in all of the blanks and respond to the questions.
  • After that, select the ‘Next‘ option.
  • Fill in the SSN and DOB boxes, then click the ‘Next’ button.
  • Select the ‘Next‘ option after entering the bank account and routing number in the appropriate fields.
  • Before clicking the ‘Accept and submit’ button, review all of the information.
  • Review the information on the application once more, then click the ‘Confirm’ button.
  • Review the information from the loan partner and respond to your two questions.
  • Then select ‘Confirm and accept’ from the drop-down menu.
  • Lastly, click the ‘Review and sign’ option.

Intuit Online Payroll allows you to apply for a PPP loan

  • If you utilize Intuit Online Payroll, you may apply for a PPP loan by following the steps below.
  • Select the ‘Apply now or check the status‘ option from the ‘Easily applies for a paycheck protection program loan!’ box on the ‘To Do’ page.
  • Then choose ‘Continue’ from the drop-down scroll menu above.
  • Complete all required fields and select the ‘next’ option.
  • Now, on the ‘Tell us about your business’ page, double-check all of the fields and click the ‘Next’ button.
  • Select the ‘Next‘ option after entering the SSN and DOB in the appropriate fields.
  • After that, type in the bank account and routing number.
  • Choose the ‘Next‘ option and press the ‘Next’ button.
  • Examine all of the information you provided on the application form.
  • Check the box area and use the “Accept and Submit” tab to confirm everything.
  • Recheck everything and make sure it’s correct.
  • Re-read all of the material on the lender’s website, respond to your question, and then click the ‘Confirm and accept’ button.
  • Finally, select ‘Review and sign‘ from the drop-down menu.

Step 3: Keep an eye out for a response

  • Finally, you must wait for the response. QuickBooks will send you a message once your loan application has been accepted and approved.
  • This message will appear on the QuickBooks Capital dashboard as well as in the confirmation email.
  • “[Amount] from the Paycheck Protection Program for you,” the notice headline will read.
  • If you are unable to locate the email with the title, check your inbox as well as your spam box.

You may receive a phone call from QuickBooks Capital if further information is required for the verification. If you don’t hear back within 3-5 days after making the phone contact, your loan application may be terminated. In the meanwhile, you may monitor the status of your application in the QuickBooks Capital dashboard or give a QuickBooks Capital review if any more problem is there.

Let’s also make sure you’re utilizing QuickBooks Desktop’s most recent version. Return to the PPP Forgiveness report once more. Simply go to Reports and open the PPP report you want.

FAQ’s

Ans: QuickBooks Capital now has an online PPP loan application. Customers who acquired their first Paycheck Protection Program (PPP) loan of $150,000 or less via QuickBooks Capital in 2020 are now able to apply for loan forgiveness online.
Ans: QuickBooks capital PPP loan forgiveness profits should be reported as "Other Income." To keep track of the cash, create a new income account as follows: Go to the Accounting tab in your QuickBooks account. Select Chart of Accounts, then New.
Ans: On the bottom of your QuickBooks screen, select the Capital button. The Capital tab will be shown. Tap the loan agreement after selecting the See loan history option. To submit the form, simply follow the on-screen instructions.
Ans: Let's also make sure you're utilizing QuickBooks Desktop's most recent version. Return to the PPP Forgiveness report once more. Simply go to Reports and open the PPP report you want.