Paypal, Intuit, and Square have been accepted into the SBA’s Paycheck Protection Program (PPP) to help businesses during the coronavirus outbreak. They’re among the first non-bank lenders to take part in the stimulus package. But how can you apply? Here’s what you need to know.
In a statement, PayPal said that they’ve already accepted applications and issued some loans for the PPP. Intuit launched Intuit Aid Assist to help self-employed and small business owners determine what they’re eligible for, TechCrunch reported. Intuit’s QuickBooks Capital has also been approved as a non-bank lender, along with Square Capital, which will begin applications this week.
QuickBooks is expected to start accepting applications this week. To know immediately when those are available, you can sign up for notifications here. The process will be faster if you’re a QuickBooks Payroll customer, but you can still apply even if you’re not. You’ll need to have your business documents ready if you’re not a customer.
Paypal is accepting applications for the Paycheck Protection Program. If you’re a current PayPal customer, you can apply at this link. You can also download a loan calculator on the website to estimate your average payroll costs, which will help determine the amount of your loan.
To apply, provide information through the online portal, including your average monthly payroll. You’ll be sent an email requesting supporting documentation once your application is processed. Upload those documents through the portal and then you’ll be sent a loan agreement by email, requiring an electronic signature. If your loan is approved, you’ll get a Loan Agreement and Note that you need to sign. It will be confirmed that you haven’t been given another PPP loan from somewhere else, and then the loan will be transferred to the bank of your choice.
Square is accepting applications soon, but they haven’t started the process quite yet. This is available to sole proprietors, self-employed workers, small business owners with employees, or independent contractors. Square sellers will be automatically contacted by email or through the Square Dashboard once the program is ready to accept applications. If you’re not a Square seller, you can still sign up for updates and you may still be able to get a PPP loan. You can sign up for updates here. To get these updates, you’ll need to sign up for a Square account at the above link.
The deadline to apply for PPP loans is June 30, 2020. However, you’ll want to apply as soon as possible because there is a limited amount of funds available. Funding for PPP loans may run out before the June 30 date. You can apply for PPP loans from more than one lender if you haven’t had a loan approved yet, Square notes. The SBA will ensure that each business only gets one PPP loan.