QuickBooks comes with many varieties of versions and it is almost completing all the requirements of every business owner with its latest tools and information. Today we are going to talk about the PPP application. PPP is called as Paycheck protection plan and it is designed to provide a direct incentive for the small business owner to help them so that they can keep their worker on payroll to carry on the work with some financial help.
SBA can also forgive loans if all employees are kept on the payroll for the eight weeks and the amount which is taken is used for the payroll, rent, mortgage interest, and utilities.
The loan can be forgiven fully if the funds received from that loan are used for payroll costs, interest on the mortgage, utilities, and rent. At least 75% amount should b used for the payroll to get the forgiveness of this loan. Loan payments will be stopped for the 6 months and no collateral pr personal security is required for this loan. One more benefit is in this loan that neither Lender nor government will charge any fees for the loan.
Now after receiving the loan lets come to forgiveness is also given if the employer is maintaining or quickly rehiring the employees and maintaining salaries. It can be reduced as well if full-time headcounts decline, or if salaries and wages decrease. The maturity of the loan is 2 years and at a 1% rate of interest.
Where you need to go to apply for the loan
As this loan is an SBA program, a business loan can be applied for through PNC bank or any preferred SBA lender. PNC bank or SBA bank application fee will be waived for all the borrowers. Lenders are having the authority to make and approve loans without any SBA review or approval. If you are a current PNC customer, your business banker or relationship manager can help you to apply.
The period covered by the loan
The PPP loans can be covered from 15 February 2020 to 30 June 2020. Recipients can select the period which should be 8 weeks they want to have their loans to cover, starting from 15 February. An applicant can apply till end of the June to apply for this loan. but it is usual with government issues loans, first, come serve basis.
Documents needed to apply for PPP
To apply online you need to arrange some documents such as materials, sign, and upload documents.
Below is the list of the same document you need to gather before applying:
- IRS payroll tax filings
- 2019 1099 -MISCs
- Payroll processor records
- Health Insurance premium expenses
- Retirement plan expenses
- Other supporting documents for the relevant period
Once the documents are ready just go to any approved SBA lender and apply for the PPP loan.
How to get in touch with us?
For more information or help, don’t hesitate to call at 1800-816-6849 and get a resolution of all the problems related to QuickBooks. Experts are available 24*7 to support you with the latest information and solutions. QuickBooks Helpdesk experts are professional, polite, and are always equipped with the latest information and updates to deliver the best services to the customers. You can also email at email@example.com and one of the technicians get back to you shortly.