Is QuickBooks accepting PPP loan forgiveness applications?

Is QuickBooks accepting PPP forgiveness applications?

Online PPP loan forgiveness application now available within QuickBooks Capital. Starting today, eligible QuickBooks® customers who received their first Paycheck Protection Program (PPP) loan of $150,000 or less through QuickBooks Capital in 2020 can now access their online loan forgiveness application experience.

How do I submit PPP forgiveness to QuickBooks?

Just go to the PPP Center of your product and select Live Chat or you can connect with them directly using the Intuit Paycheck Protection Program Support Chat link. Feel free to visit our Paycheck Protection Program loan forgiveness website.

Is the SBA currently accepting PPP forgiveness applications?

The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021. … In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications.

How do I track a PPP loan forgiveness in QuickBooks?

How should I record if the PPP loan was fully forgiven?

  1. In your QuickBooks account, go to the Accounting tab.
  2. Choose Chart of Accounts then click New.
  3. Pick Other Income as the Account Type.
  4. For the Detail Type, pick Other Miscellaneous Income.
  5. Once done, press Save and Close.
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How do I record a PPP loan in QuickBooks?

Here’s how:

  1. Go to the Accountant menu, and then choose Chart of Accounts.
  2. Click the Account drop-down arrow, and then select New.
  3. Select the Bank radio button, and then click Continue.
  4. Enter a name for the account, like “PPP Loan Funds”
  5. Click Sub-account of and choose the bank account from the drop-down.

How do I run a PPP forgiveness report in QuickBooks desktop?

When will the QB PPP reports be updated?

  1. Go to the Reports menu and then select Company & Financial.
  2. Choose the specific Profit & Loss report, then click to open.
  3. Enter the correct date.
  4. Click Customize Report to filter the data needed.
  5. Once done, click on OK.

Is PPP forgiveness taxable?

Under normal circumstances, forgiven loan amounts are generally taxable for federal income tax purposes, but the CARES Act, under section 1106(i) of the act, expressly excludes the forgiveness of PPP loans from federal gross income, and thus federal income tax.

What is the deadline for PPP loan forgiveness?

First PPP Loan Forgiveness Deadline is August 30, 2021

Your deadline for submitting a PPP loan forgiveness application ends 10 months after your covered period ends. The common ending date for the covered period for the first round PPP loan draws was October 30, 2020.

How do I apply for $10000 Eidl grant?

Since any company that’s eligible to receive an EIDL loan is eligible for a grant, the process of getting the up to $10,000 advance for your business was relatively straightforward. You simply went to the SBA’s disaster loan assistance page and filled out an application.

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Which banks are accepting PPP applications?

Lenders accepting PPP forgiveness applications

  • BlueVine.
  • Capital One.
  • Chase.
  • Citi Bank.
  • Cross River Bank.
  • Fountainhead.
  • Funding Circle.
  • IncredibleBank.