Updated January 19, 2021
Intuit is dedicated to helping customers overcome their most pressing financial challenges and putting more money in peoples’ pockets as we continue to navigate the global pandemic.
With the recent passage of the Coronavirus Response and Relief Supplemental Appropriations Act, we are renewing our commitment to helping consumers and small businesses understand the financial options available to get the help they need. We are acting quickly to assist consumers and small businesses in understanding what government relief they are eligible for and how to access the money they need as fast as possible. For consumers, the law will provide relief through multiple measures and will expand many of the provisions already put into place under the CARES Act, including a second round of direct stimulus payments to individuals and families.
Intuit Aid Assist:
Intuit has also updated Intuit Aid Assist (IAA), a free website with two interactive tools to help eligible small business owners and the self-employed assess their potential 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.
Paycheck Protection Program:
For small businesses, the new COVID-19 assistance package includes a new round of Paycheck Protection Program (PPP) funding. 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.
For more information about stimulus payments, please go to our TurboTax blog.
These relief funds come at a critical time for many. People continue to face uncertainty in the job market while they struggle to keep their families safe and their children in virtual school, all while juggling the demands of making ends meet. Small businesses, the engine of the global economy, continue to struggle to stay afloat and keep their people on payroll in an uncertain economy. As we did with the CARES Act in the spring of 2020, Intuit is planning to partner with the federal government and use our platform capabilities to help people access these vital resources during this challenging time and get more money in their pockets as quickly as possible.