Business
Intuit QuickBooks Capital to Help Small Businesses Access Additional PPP Loans as SBA-Approved Lender
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
About this update from Intuit Inc.
[{"type":"text","content":"\nQUICKBOOKS 2020 PPP BY THE NUMBERS \n\n\nThrough 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.\n\n\nQuickBooks Capital has helped more than 30,000 small businesses access these loans, keeping more than 220,000 employees on payrolls.\n\n\nLast 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.\n\n\n MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--\nIntuit Inc. (NASDAQ: INTU):\n\nWHAT\n\nThe 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.\n\nQuickBooks 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.\n\nWHO\n\nQuickBooks 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.\n\nWHEN\n\nQuickBooks Capital is now accepting PPP applications for second-time loans from eligible QuickBooks customers.\n\nWHY\n\nAs an SBA-approved PPP lender, QuickB...