Due to the sudden outbreak of Pandemic COVID-19, when the world is struggling for their survival. Millions of small business owners hovering into make or break decisions. During this difficult phase Intuit QuickBooks, Yelp, and GoFundMe have collaborated to support the Small Business Relief Initiative.
What are QuickBooks PPP loans?
PPP comes under the Coronavirus Aid, Relief, and Economic Security (CARES) Act which has allotted $659 approximately billion in forgivable loans to aid small firms for paying employees and covering certain operating expenses. For small business owners, self-employed individuals, and to other qualified applicants, Intuit’s QuickBooks constructs an easy way to attempt for a Paycheck Protection Program (PPP) loan.
Who qualified for QuickBooks PPP loans?
Small businesses considered by the Small Business Administration in all U.S. states and their territories are qualified. This program involves private sector, nonprofit organizations, small agricultural cooperatives, sole proprietors, independent contractors, and any other firms, cooperative, ESOP, or tribal small business with fewer than 500 employees.
Benefits of acquiring Paycheck Protection Program
Because of the adverse impact on the economy due to COVID-19 the eligible business, organisations & non-profits who are unable to pay employees can acquire cash flow assistance from PPP (Paycheck Protection Program).
- Depending on employee retention and salary, forgiveness of up to eight weeks of qualifying payroll costs
- No fees from SBA applied.
- Loan deferral for at least six months & maximum 1 year for deferral. The interest will continue to result over this period
- The loans will be back off by the government 100%
- Here, the Terms involving 1% interest rates, no loan & other repayment fees are applied. While based on the policy, some lenders apply application fees.