On April 24, 2020 additional funding was approved for the Paycheck Protection Program and Health Care Enhancement Act (PPP & HCE Act). An additional $310 billion for provisions to restart the Paycheck Protection Program have been authorized.
Not a surprise, but the Small Business Administration (SBA) has changed the requirements for the Paycheck Protection Program. This means if your clients have filled out and submitted loan applications which have not yet been approved these clients may need to provide additional information for loan approval.
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If you have processed and applied for the Paycheck Protection Program through QuickBooks more information will need to be provided for QuickBooks Capital to approve the loan. To view QuickBooks updated requirements you can use this link to learn more. https://www.firmofthefuture.com/content/paycheck-protection-program/
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The advice you may want to give your clients is to act fast so they can be considered for this second way of funding. The first wave of funding was much larger and did not last long. Thankfully with this second wave of funding a portion has been set aside and earmarked for small business funding. With that said we expect these funds to be spent quickly.
Additional help being offering.
It is known that the CARES Act has many unanswered questions surrounding the application process, calculation of requested funds and forgiveness requirements. To help shed light on this round of funding, QuickBooks is offering several webinars to offer guidance and address questions; along with myself, Stacy Kildal, Carla Caldwell, Mike D’Avolio and Erin Walsh-Dryer will be hosting several upcoming webinars.
We here at Insightful Accountant will try to let you know as soon as those webinars are available.