Quick Start For Your PPP Loan

Get A Quick Start on Your Paycheck Protection Program Loan

QuickBooks is making it easier for their customers to apply for a Paycheck Protection Program small business loan.

We shared information earlier this week about the Paycheck Protection Program loans which will provide about 350 billion in government-backed loans to help small businesses pay employees and cover expenses through June 30, 2020.

If you've already started applying for the PPP loans, you've discovered that it requires gathering a lot of documents/information.

If you’re using QuickBooks Online and are one of their Payroll customers, they're making it a lot easier to get started.

Here’s a link to the information:
https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection-program/

If you’re not a QuickBooks Online Payroll customer, they’ve shared the following list of the documents you need to get started applying for the PPP loans. We hope this makes the process a little bit easier for all of you!

• Articles of incorporation for each borrowing entity and by-laws or operating agreement for each borrowing entity
• A list of owners who hold at least a 20% stake in your company and copies of their drivers licenses
• Payroll expense verification documents
• IRS forms 940 and 941
• Payroll summary report with corresponding bank statements
• Form 1099-MISC (if you’re an independent contractor)
• Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)
• Certification that all employees live within the United States and a list of employees who do not live in the U.S. and their salaries
• Trailing 12-month profit and loss statement (as of the date of application) for all applicants
• Most recent mortgage or rent statement and utility bills