Intuit QuickBooks Capital to Help Small Businesses Access Additional PPP Loans as SBA-Approved Lender
02 February 2021 - 12:30AM
Business Wire
QUICKBOOKS 2020 PPP BY THE NUMBERS
- Through the CARES Act, QuickBooks Capital helped eligible
customers access more than $1.2 billion in SBA-approved and
Paycheck Protection Program (PPP) loans last year.
- QuickBooks Capital has helped more than 30,000 small businesses
access these loans, keeping more than 220,000 employees on
payrolls.
- Last year, the average loan size for eligible QuickBooks
customers was less than $40,000, compared to $100,000, the average
PPP loan size distributed by the SBA.
Intuit Inc. (NASDAQ: INTU):
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.
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.
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.
FOR MORE INFORMATION
Please visit our PPP web page.
ABOUT QUICKBOOKS
At QuickBooks, we are the trusted partner of small businesses,
helping our customers manage complexity and achieve success for
more than 25 years. We began by helping small businesses manage
their books, and grew into a platform that helps them get paid
fast, manage capital, and pay employees with confidence. When
Covid-19 upended the small business community, we used our fintech
experience to help our customers get more than $1 billion in
SBA-approved PPP loans and save hundreds of thousands of jobs. We
launched a new platform for product-based businesses, provide
on-demand accounting experts, and democratized machine learning by
adding it to our services for the benefit of small businesses.
QuickBooks is in the business of creating smart, indispensable
financial tools that help small businesses reach solvency and
achieve prosperity.
Please refer to the latest guidance from SBA and Treasury to
confirm current program rules and guidance. PPP funding is made
available to businesses located in the United States. Given the
large demand for additional authorized Paycheck Protection Program
funds, not every qualified Paycheck Protection Program applicant
will receive a loan.
Paycheck Protection Program (PPP) loans offered within
QuickBooks Capital are made by Cross River Bank, a New Jersey State
Chartered Commercial Bank, Member FDIC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210201005238/en/
Kim Amsbaugh, Intuit QuickBooks 650-944-6649
Kim_Amsbaugh@intuit.com
Jen Garcia, Access Communications 415-828-2514
Jennifer_Garcia@intuit.com
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