Most of the small business administration refer to PPP (Paycheck Protection Program ) loan to keep their workers on the payroll. But when a user wants to apply for the PPP loan, and simultaneously he/she is a QuickBooks user then there is no need to take any other through to apply for this loan. QuickBooks allows its users to apply for PPP loans in QuickBooks Capital.
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Here, today we have the article of the guide to applying for the paycheck protection program loan in QuickBooks capital. Start reading, and know-how to apply for the PPP loan:
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Start Application for Paycheck Protection Program Loan in QuickBooks Capital
There are only three steps to apply for a PPP loan in QuickBooks Capital. But these three steps are very important, you can’t skip any one of them. Go for the procedure, and follow the procedure carefully.
Step 1: Collect All the Required Information
If you are ready to apply for a paycheck protection program loan within QuickBooks Capital then first, you need to keep some information. Here we have mentioned some points, read, and check all the points one by one carefully.
Bank Routing & Account Number
- If you already approved by QuickBooks or received the PPP loan then QuickBooks will ask you for the bank routing, and account number to transfer the loan amount to your bank account.
- It is mandatory to add bank routing and account number in the application, even if you already connected your QuickBooks to your bank account.
- And it will be good if you already have a connected bank account to QuickBooks, and you are including the same account for the loan. It provides you the facility of easy record-keeping.
The Person’s Social Security Number
- QuickBooks needs the social security number (SSN)of the person, who wants to apply for the loan for identity verification.
- The person must have the access to the master admin for the company’s QuickBooks account.
Note: QuickBooks accountant can’t apply for this PPP loan on the person’s behalf.
The Information, that will be Added into QuickBooks Capital
- All of the added information in QuickBooks Capital is needed at the time of applying for the PPP loan.
- Apart from that, the Turbotax account’s information also requires for the loan.
- All of this information will help the person to determine the qualified loan amount.
- But remember that, if you are not able to pull the Turbotax account details then you will not be allowed for the loan in QuickBooks Capital. You will need to find another lender.
The Average Monthly Payroll Expenses
- The average monthly payroll expenses information also plays a big role in the paycheck protection program loan, if you are an eligible business, and you have employees.
- The qualified average monthly payroll costs will be calculated based on the previously entered into QuickBooks. This will help you to determine the loan request amount.
Step 2: Apply PPP Loan in QuickBooks Capital
In the above step, you have collected all the information to apply for the loan. Now go for the step to apply for a PPP loan in QuickBooks Capital.
Apply for PPP Loan in QuickBooks Online Payroll
If you are a QuickBooks Online Payroll user then follow the procedure to apply for a PPP loan Online in QuickBooks Capital.
- Login to QuickBooks Online payroll, and select the ‘Capital’ option.
- Checkmark the ‘Federal Relief Funds’ box, and select the ‘Tell me More’ button.
- Click on the ‘Continue’ option.
- Then fill out all the needed details or answer all the questions on the page, and click the ‘Next’ option.
- Now you will be taken to the ‘Tell us about your business’ page, there you need to confirm all the information is correct, and click the ‘Next’ option.
- Put the social security number, and DOB in the text field, and select the ‘Next’ option.
- Enter the bank account number, and bank routing number, and select the ‘Next’ option.
- Recheck all the information that you entered in the application are correct.
- Then click the ‘Accept and Submit’ option.
- Click on the ‘Confirm’ option
- Again review all of the information from the lender partner, mark on the box, and give the answer to the two questions.
- Select the ‘Confirm and accept’ option, and lastly, click the ‘Review and sign’ option.
Apply for PPP Loan in QuickBooks Desktop Payroll
If you are a QuickBooks Desktop Payroll user then follow the procedure to apply for the PPP (Paycheck Protection Program) in QuickBooks Capital.
Update the QuickBooks Desktop to the Latest Version
- First, go for the ‘Help’ menu, and select the ‘Update QuickBooks Desktop…’ option from the ‘Help’ menu.
- Then, tick the mark on the ‘Reset Update’ box from the ‘Update Now’ tab.
- And start the download process, by selecting the ‘Get Updates’ option.
- Click the ‘Ok’ option, on the ‘Update QuickBooks Desktop’ pop up.
- Wait for some time for the complete download process.
- After the complete download process, restart the system.
- Lastly, accept the option to install the new release.
Ready the Application to Apply the PPP Loan
- From the ‘Employee’ menu, select the ‘Payroll center’ option.
- Then click the ‘Update application’ option from the ‘Your PPP Loan’ modal.
- If there is a prompt window then sign to the Intuit account for the company.
- Click on the ‘Tell me more’ option, and click the ‘Continue’ option.
- Fill out all the information, and answer the questions.
- Then, click the ‘Next’ option.
- Put the SSN and the DOB in the text fields, click the ‘Next’ option.
- Enter the bank account, and bank routing number in the required field, and select the ‘Next’ option.
- Review all the information, and confirm by clicking on the ‘Accept and submit’ option.
- Again review the included information in the application, and click the ‘Confirm’ option.
- From the lender partner, review all information, and give the answer of your two questions.
- Then, click the ‘Confirm and accept’ option.
- At the last, go for the ‘Review and sign’ option.
Apply for PPP Loan in Intuit Online Payroll
If you are an Intuit Online Payroll user then follow the procedure to apply for a PPP loan.
- Go to the ‘To Do’ tab, and select the ‘Apply now or check the status’ option from the ‘Easily apply for a paycheck protection program loan!’ box.
- After that, click the ‘Continue’ option.
- Fill out all the needed fields, and click the ‘next’ option.
- Now from the ‘Tell us about your business’ page, check all the fill out information, and select the ‘Next’ option.
- Put the SSN and DOB in the required field, and select the ‘Next’ option.
- Then enter the bank account, and bank routing number.
- Go for the ‘Next’ option, and click on it.
- Review all the information that you entered in the application form.
- Tick the mark on the box to confirm all, and click the ‘Accept and Submit’ option.
- Again review everything, and confirm it.
- From the lender partner, recheck all the information, give the answer for your question, and click the ‘Confirm and accept’ option.
- In the last, click the ‘Review and sign’ option.
You have applied the form for the PPP loan in QuickBooks Capital. Now, wait for the response from QuickBooks.
Step 3: Wait for the Response
At the last, you have to wait for the response. If the application loan is received and granted by QuickBooks, you will get a notification from QuickBooks.
- This notification will be display in the QuickBooks Capital dashboard, and in the confirmation email.
- The notification title will be like this, “[Amount] from the Paycheck Protection Program for you”.
- If in case, you are unable to see the mail with the title then, go to the inbox, and also to the spam box, and check for the mail.
Sometimes QuickBooks Capital needs more details for the verification, you may receive a phone call for the verification. After the phone call, if you didn’t get any response within 3-5 days then maybe the loan application is canceled. At meanwhile you can check the application status in the QuickBooks Capital dashboard.
Note: The guidance from SBA and US department on the PPP evolving rapidly, so all the information mentioned above can be changed at any moment. No doubt, we will give the new update in the article, but it will be good to check the PPP status and guidelines from the official site of the SBA government for the current, and updated SBA loans paycheck protection program rules.
We hope, you have got the idea that how to apply for a PPP loan in QuickBooks Capital, and how to fill out the PPP application form. Further, if you are unable to apply loan for the paycheck protection program then hire a QuickBooks ProAdvisor for the best solution.