COVID-19 PPP Funding Options

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Due to the COVID-19 concerns, there are tons of questions flooding accountants and bookkeepers’ email inboxes. The program was launched so quickly that documentation answering all matters related to how to calculate allowable requested loan amounts varies from each person’s interpretation. Thankfully on April 3, 2020, more guidelines were issued, but there are still people scrambling to fill out forms and connect with SBA approved lenders.

As an accounting firm with clients affected by this virus, we have offered help explaining the various loan programs and the application process. Many of our clients have sent their small business friends to our firm asking for guidance because there is so little help available. I have created a landing page on our website AccountingLifeline to field some of the questions about the two loans most businesses are interested in, the Payroll Protection Program and the COVID-19 Economic Injury Disaster Loan.

Options via Kabbage

One of our ProAdvisors peers who is offering PPP and COVID-19 Loan training for accountants is Hector Garcia. During his training, Hector shared that Kabbage is offering help for small businesses in applying for the Paycheck Protection Program. (SEE IMPORTANT NOTICE BELOW)

Here’s how the Kabbage program works (SEE IMPORTANT NOTICE BELOW)

  • Create a Kabbage account
  • Submit your information (payroll filing, owner and business information)
  • Kabbage will calculate how much you are eligible for, based on the information submitted with a maximum amount of $2 million
  • Kabbage is an approved SBA lender if you are approved your funds are sent to your bank
  • To help your firm respond and provide your clients with the assistance they need right now, the Karbon COVID-19 Rapid Response Kit is available to you even if you are not a Karbon customer.

If you are an accountant or bookkeeper who wishes to help your clients with the loan process by showing them this option, not only does it free you up to do other non-COVID related work, but it takes the guessing out of how much your client qualifies for and which lender they should use.

Subsequent to publication of this article, Kabbage posted this change and notification ending their funding program. Insightful Accountant has amended this article as of 4/7/2020 to include this 'Important Notification'.

Intuit QuickBooks Option is On the Way for SBA PPP

Another soon-to-be option appears to be QuickBooks Online. Last week, QuickBooks sent out an email to payroll customers letting them know there will be a program making the SBA Paycheck Protection Program application process more manageable by letting QuickBooks Users apply directly from within QuickBooks Online.

Intuit has just published within their Firm of the Future blog news that they plan to launch a simple application process built into QBO for Payroll customers on Wednesday, April 8. Further, they intend to make the process available to additional QuickBooks and Intuit Online Payroll customers sometime soon thereafter.

Intuit has also created an interactive tool to help small businesses and individuals evaluate their eligibility for emergency financial relief via Intuit Aid Assist.

For more information read Intuit's Firm of the Future blog article titled: QuickBooks will soon enable funding for the Paycheck Protection Program.