1/22/2024 0 Comments Quickbooks small business loanHow to prepare for the QuickBooks paycheck protection program The program automatically processes the payroll information small businesses need to submit so the funding and application process is simpler and faster for small business owners. The QuickBooks paycheck protection program is open to all QuickBooks Payroll and Self-Employed TurboTax customers. How the QuickBooks paycheck protection program works QuickBooks was named as a direct lender by the SBA, giving them the power to accept, approve, and fund paycheck protection program applicants. This is why companies like Intuit QuickBooks have stepped up to reduce the time it takes for small businesses to receive funds from the paycheck protection program. “50% of American small businesses have a cash reserve that will last them only 2 weeks.” JPMorgan Chase, 2019 With nearly 50% of American small businesses having a cash reserve that will last 2 weeks or less, fast access to aid relief and economic stimulus loans are crucial. The challenge, however, is the time it takes for small businesses to receive these government-backed loans through banks and the Small Business Administration (SBA). During the whirlwind that COVID-19 has been, many of us have heard about the paycheck protection program but may not fully understand it.Ī result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the paycheck protection program’s goal is to help small businesses pay and retain their staff during COVID-19.īy offering 8 weeks of funding to small businesses through loans or grants, the paycheck protection program aims to keep people employed and small businesses afloat during this time.
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