As a response to the COVID-19 crisis, and helping Small Businesses stay afloat, the Federal Government has passed several bills. One such program was to create funding programs through the Small Business Agency (SBA) called the Paycheck Protection Program (PPP). It’s a program that advances a lump sum loan where certain portions are forgivable if conditions are met. The purpose was to allow businesses to help keep employees on payroll and cover business expenses. As many small businesses are starting to feel the economic impact of the current crisis on hand, the increase in the urgency to receive funds has made the quick distribution of loans necessary. The banks have become inundated with requests. For banks to provide this service to their customers, they must be approved by SBA to process these loans.
BREAKING NEWS! QuickBooks Capital has been approved as a PPP lender!
Many may not realize that QuickBooks had a lending division. It’s nice to know there is another option. With the combination of the resources available within your QuickBooks software, your financial reports, and the optional integrated payroll, this allows the available information to be easily accessible to make the loan process run smoother.
The approval and ability for QuickBooks to fulfill these loans build on decades of experience in helping small businesses manage their finances, pay their employees, and leverage cash flow tools that get the funding and understand their financial picture. Given QuickBooks will now be not only able to disburse funds but also qualify important data in a way that is expedited and automated, this has the potential to help small businesses get relief quickly.
As with any benefit, it is always important for small businesses to work with their trusted advisor such as your CPA, financial consultant, or tax advisor. You want to make sure your QuickBooks file is pulling accurate information and that you are choosing the right loan that makes the most impact for your company to survive this current crisis.
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