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Company updates Intuit Aid Assist and QuickBooks Capital for Paycheck Protection Program to help small businesses when they need it most
To further help customers and communities overcome their most important financial challenges, Intuit (Nasdaq: INTU), a global technology platform powering TurboTax, QuickBooks, and Mint, today updated Intuit Aid Assist (IAA), a free website with two interactive tools to help eligible small business owners and the self-employed assess their eligibility for federal relief and related tax credits from the Coronavirus Response and Relief Supplemental Appropriations Act. IAA reduces the complex legislation into an easy-to-understand online interview to help assess eligibility and delivers a personalized recommendation.
For qualified small businesses and other eligible applicants, IAA provides an interactive experience to help small businesses and self-employed individuals determine their eligibility as first time or second time borrowers under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The Intuit Aid Assist PPP estimator tool also provides links to SBA resources and additional information to help eligible customers take the next step in applying for federal relief.
Additionally, IAA includes a tax credit estimator tool that can help businesses identify what savings they may qualify for under the federal tax code. The updated tax credit estimator for 2020 helps businesses navigate the Employee Retention Credit, emergency paid sick leave, and the family and medical leave credit. Intuit will update these IAA tools in the coming weeks with additional information to help small businesses and the self-employed understand what they may be eligible to receive through federal relief programs.
"We know how important small businesses are to America, and understanding these tax credits and loans is critical to helping them make the best decisions, said Sasan Goodarzi, CEO of Intuit. "It has been a challenging year for so many; people are facing uncertainty in the job market while struggling to keep their families safe and their children in virtual school, all while juggling the demands of making ends meet. We are using our robust platform to help customers put more money in their pockets when they need it most, and our small businesses keep their employees on payroll serving their communities."
Committed to Help QuickBooks Customers Keep Employees on Payroll
Over 15 million workers are paid through QuickBooks. The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, a $900 billion relief package, includes an additional $284.45 billion in 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 will soon begin accepting second PPP loan applications from certain eligible QuickBooks customers up to $150,000. We have also partnered with SBA-approved lender Cross River Bank to help additional eligible customers facilitate PPP applications directly through Cross River Banks platform.
If you are a small business owner or self-employed, click here to learn more about the U.S. government aid and relief programs for which you may be eligible.
Intuit’s mission is to power prosperity around the world. We are a mission-driven, global financial platform company with products including TurboTax, QuickBooks, and Mint, 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 more than 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.
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/20210119005824/en/