Many consumers and small businesses are struggling to make ends meet and provide for their families. They are facing a loss of income, and a lack of savings to weather the storm. Over 30M small businesses in the U.S. are at risk, and they comprise 44% of the U.S. GP, according to the Small Business Administration. 7.5M are receiving unemployment benefits as of the Labor Department in March. And 701,000 people lost their jobs in March, the worst month for job losses since the 2007-2009 recession.
By partnering with the U.S. government and leveraging our platform capabilities, we’ve launched new offerings to help consumers and small businesses better understand the complexity of the federal government aid and relief programs so they can access money as fast as possible.
For small businesses and self-employed, we’ve launched Intuit Aid Assist, a free website with an interactive tool to help small business owners and the self-employed in the U.S. assess potential eligibility for financial relief under the CARES Act. Developed with Intuit’s artificial intelligence, Intuit Aid Assist leverages the same knowledge engineering technology used by TurboTax to simplify the tax code.
Intuit Aid Assist takes the complexity of hundreds of pages of the CARES Act and converts it into an easy-to-understand interview that provides answers to the most pressing questions on small business owners’ minds: What relief am I eligible for? How much of a loan can I get? How much of my loan may be forgiven so I don’t have to repay it?
The interactive tool assesses eligibility, estimates loan amounts, delivers a personalized recommendation and, for qualified small businesses and other eligible applicants, provides links to help them take the next step of applying for a loan. Intuit Aid Assist supports both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) relief programs.
If you are a small business owner or self-employed, click here to learn more about the U.S. government aid and relief programs you may be eligible for.