- Who is not eligible for a PPP loan?
- What are the rules for PPP loans?
- What documents do I need for PPP loan application?
- Where can I apply for PPP online?
- What lenders are still accepting PPP applications?
- Is Chase accepting PPP forgiveness applications?
- How do I apply for PPP?
- Is it too late to apply for PPP forgiveness?
- How do you calculate FTE for PPP?
- Is Intuit accepting PPP applications?
- Does QuickBooks have a PPP report?
- What is the last day to apply for PPP?
- When should I apply for PPP forgiveness?
- What payroll reports are needed for PPP?
- What are PPP compliance cost reports?
- Can still apply for PPP loan?
- Can I apply for PPP directly with SBA?
- Can I apply for both PPP and Eidl?
Who is not eligible for a PPP loan?
Passive businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds (except as Eligible Passive Companies under 13 CFR § 120.111) are not eligible..
What are the rules for PPP loans?
In general, PPP loans are forgivable if your business used at least 60% of the loan for eligible payroll costs over a span of 24 weeks. Non-payroll costs, including mortgage interest, business rent and utilities are also eligible for forgiveness, but the new rules tweak certain eligibility requirements.
What documents do I need for PPP loan application?
List of required PPP application documentsCompleted PPP Application Form. … Average monthly payroll costs (only applies to businesses with employees) … 2019 Proof of Payroll Costs (or Self Income) … Proof of Ownership. … Unexpired, Government-issued Driver’s License or Passport for All Owners Over 20%More items…•
Where can I apply for PPP online?
Click here to learn more.PayPal. One of the first to be approved as a lender, PayPal already has a live application portal up and running. … Funding Circle. Funding Circle’s PPP Loan application is a hybrid between a do-it-yourself online system and a directly managed application. … Square. … Divvy. … Kabbage. … Lendio.
What lenders are still accepting PPP applications?
8 Fintech Companies Offering Paycheck Protection LoansBlueVine. BlueVine, an online lender that has processed more than $3 billion in loans since its founding in 2013, has begun accepting PPP applications. … Funding Circle. … Intuit QuickBooks. … OnDeck. … PayPal. … Ready Capital. … Square.
Is Chase accepting PPP forgiveness applications?
We continue to invite all customers with a PPP loan to request Forgiveness, generally starting with those who received funding first and who are ready to submit using SBA Form 3508EZ or 3508. We expect to start processing the simpler SBA Form 3508S online early in the new year.
How do I apply for PPP?
How to Complete Your PPP Loan ApplicationStep 1: Access your PPP Application. … Step 2: Add or Confirm Existing Business Information. … Step 3: Add New Requirements for Business Information. … Step 4: Enter or Confirm Ownership. … Step 5: Enter or Confirm Additional Owner Info. … Step 6: Upload or Confirm Documents.More items…
Is it too late to apply for PPP forgiveness?
For example, the SBA wrote, a borrower with a covered period that ends Oct. 30, 2020, has until Aug. 30, 2021, to apply for forgiveness before loan repayment begins. The SBA placed the expiration date in the upper-right corner of the PPP loan forgiveness application forms to comply with the Paperwork Reduction Act.
How do you calculate FTE for PPP?
To calculate the average FTE for each employee, Borrowers need to accumulate the total hours paid during the Covered Period (and chosen Reference Period) and divide the average number of hours paid per week during the relevant period by 40, and round to the nearest tenth.
Is Intuit accepting PPP applications?
It is a service offered by Intuit Financing Inc. that gives business loans to eligible QuickBooks users. Also, you can forward your application through an approved SBA Paycheck Protection Program lender if you apply for the loan outside QuickBooks.
Does QuickBooks have a PPP report?
PPP Reports – Expense reports are available to all QuickBooks Online, Desktop and Self-Employed users within the PPP Center. Payroll reports are available to QuickBooks Online Payroll and QuickBooks Desktop Payroll customers.
What is the last day to apply for PPP?
Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Is October 31, 2020 the deadline for borrowers to apply for forgiveness? Answer: No.
When should I apply for PPP forgiveness?
You must apply for forgiveness within 10 months after the end of the ‘Covered Period. ‘ which is the 24-week period that starts when you received your PPP loan. The lender (i.e. your bank) has 2 months to process your loan forgiveness application then SBA has three additional months to approve your forgiveness.
What payroll reports are needed for PPP?
Documents may include payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941) and state quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
What are PPP compliance cost reports?
PPP-Compliant Payroll Cost Reports: Many national payroll service providers have developed reports specifically to calculate payroll costs in accordance with the CARES Act; e.g., limiting wages to no more than $100,000 per employee; omitting employees that reside outside the U.S.; including retirement contributions, …
Can still apply for PPP loan?
The deadline for applying for a Paycheck Protection Program (PPP) loan was extended until August 8th, but not every small business that qualifies has applied yet.
Can I apply for PPP directly with SBA?
You can apply for your PPP loan through any of the 1,800 participating SBA approved 7(a) lenders or through any participating federally insured depository institution, federally insured credit union, and Farm Credit System institution. … 4 Only apply by first going to the SBA website.
Can I apply for both PPP and Eidl?
Yes. Borrowers can apply for both the PPP and EIDL, although funds from both cannot be used for the same purpose. The Paycheck Protection Program loan proceeds must be used for eligible purposes according to guidance and some or all of the loan may be forgiven if used properly.