intuit 250
At an Intuit sponsored virtual QuickBooks Town Hall earlier this week, Senators Marco Rubio and Ben Cardin met with Luke Voiles, VP and Business Leader of QuickBooks Capital along with several QuickBooks’ small business customers to discuss next steps for the Paycheck Protection Program (PPP) and future relief efforts for small businesses in the wake of COVID-19 and social distancing restrictions.
The senators, who serve together on the Senate Committee on Small Business and Entrepreneurship, took a bipartisan approach to answering questions from small business owners, demonstrating a clear understanding of the needs of small businesses during this difficult time. Some of the areas addressed by the senators included:
(1) COVID-19 safety restrictions may impact business through the end of 2021
- Senator Rubio: “We need to assume that we're going to be facing restrictions until the end of 2021 because that may be how long it takes to develop a vaccine, clear it and make it broadly available. So we have to start thinking in those terms, not in terms of everything will be fine by November.”
(2) A call for long-term payroll relief
- Senator Cardin: “We didn't anticipate that we would still have the type of economic climate eight weeks later where small businesses can not operate at full capacity depending, of course, on what region of the country you may be located in. So we need to be flexible.”
(3) PPP loan availability
- Senator Rubio: “There's still about over a hundred billion dollars left of a guaranteed capacity under the program. Some lenders have stopped accepting applications as they work through their backlog or others have been up and running the whole time. But the answer [to] the question is no, there's still time and the average loan [amount] continues to drop. So if you need it, you should apply.”
- [Note to readers: Please remember that Senator Rubio's comments were at the time the were made, not at the time of publication of this article.]
(4) PPP loan forgiveness
- Senator Rubio: “I think that by and large, if you adhere to the 75% and payroll mechanism that way, which the vast majority of companies will be able to, I think you're in good shape. I think where the question really lies is in the exemption language because the exemption is in statute, but how you apply for it and how they're going to interpret it is a matter of debate. And, I should say it's a matter of uncertainty right now. In the first four weeks of this, the calls were about the eTRAN system not working, what forms do we use, why hasn't my money been disbursed yet. I think in the last 72 hours it's become almost exclusively about this issue of forgiveness.”
The soundbites above were furnished by Intuit from the QuickBooks Town Hall. For more on the town hall, as well as more of the responses provided by Senators Rubio and Cardin, review the full Intuit press announcement here.
About Senator Marco Rubio
Senator Marco Rubio (R) is the senior senator representing the state of Florida. First elected to the Senate in 2010, Senator Rubio is the Chairman of the Small Business & Entrepreneurship Committee, which has jurisdiction over the Small Business Association. Senator Rubio is focused on sparking economic growth by capitalizing on innovation and the global economy.
About Senator Ben Cardin
Senator Ben Cardin (D) is the senior senator representing the state of Maryland. First elected to the Senate in 2006, Senator Cardin is the Ranking Member of the Small Business & Entrepreneurship Committee, which has jurisdiction over the Small Business Association. Senator Cardin is focused on expanding access to contracts for women-owned, minority owned and veteran-owned businesses.
About the QuickBooks Town Hall Series
Intuit QuickBooks connects customers, small business owners, and self employed with lawmakers, business leaders and other experts. The first virtual town hall event was moderated by Sarah Paul, Intuit’s Director of Global Policy and Regulatory Affairs and featured Senator Marco Rubio of Florida, Senator Ben Cardin of Maryland, Intuit’s Luke Voiles, and live video questions from small business owners LaJuanna Russell and Allison DeVane, as well as questions submitted by other town-hall attendees. More than 10,000 people registered for the event and more than 4800 watched live.
About Intuit
Intuit’s mission is to Power Prosperity Around the World. We are a global financial platform company with products including TurboTax, QuickBooks, Mint and Turbo, designed to empower consumers, self-employed and small businesses to improve their financial lives. Our platform and products help customers get more money with the least amount of work, while giving them complete confidence in their actions and decisions. Our innovative ecosystem of financial management solutions serves approximately 50 million customers worldwide. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social.