WHAT
The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, a $900 billion relief package, includes an additional $284.45 billion in Paycheck Protection Program (PPP) funding to help small businesses. In addition to providing funds for first-time borrowers, the new law provides small businesses with an opportunity to apply for a second PPP loan. Eligible QuickBooks customers can quickly apply for a second PPP loan within QuickBooks Capital’s automated PPP application experience, by leveraging their business data that’s already on the QuickBooks platform.
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QuickBooks Capital provides an easy to use, automated second PPP loan application process for certain eligible QuickBooks customers seeking a second PPP loan up to $150,000. Eligible businesses can quickly apply for a second PPP loan using their business data already available in their QuickBooks account. QuickBooks Capital has also partnered with SBA-approved lender Cross River Bank to help additional eligible customers facilitate PPP applications directly through Cross River Bank’s platform.
WHO
QuickBooks lending expert Luke Voiles is available for media interviews to explain how the new PPP program can help small businesses, how to navigate forgiveness and answer other questions related to fintech lending. As vice president and business leader of QuickBooks Capital Direct Lending and head of the Banking and Money Moving Platform at Intuit, Luke has spoken on PPP to a variety of audiences, including a QuickBooks Town Hall with Senators Rubio and Cardin and a US Chamber of Commerce Town Hall.
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WHEN
QuickBooks Capital is now accepting PPP applications for second-time loans from eligible QuickBooks customers.
WHY
As an SBA-approved PPP lender, QuickBooks Capital is committed to helping the smallest of small businesses quickly apply for federal relief. Over 15 million workers are paid through QuickBooks, and we are committed to helping small businesses keep their employees on payroll.
Last year, the average PPP loan size distributed by the SBA was $100,000, while the average QuickBooks Capital PPP loan was less than $40,000. Per SBA rules, the PPP loan amount is based on the number of employees on payroll. The fewer employees on payroll, the smaller the loan size. QuickBooks serves the small business and self employed market that has long been underserved by traditional lenders. There are 6 million small businesses across the U.S., with one in five American small businesses using QuickBooks Payroll.
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