On March 11th, President Biden signed the American Rescue Plan into law. The $1.9 trillion bill includes direct stimulus payments, relief to small businesses, as well as a number of significant tax provisions that could impact many Intuit customers.
As we have with the two previous stimulus bills, Intuit is dedicated to using our platform capabilities to help put more money in peoples’ pockets and assist our customers as they navigate the global pandemic. We are taking action to help make sure consumers and small businesses are able to understand what government relief they are eligible for and how to access the help they need quickly . To learn more about small business owners and the self-employed eligibility for federal relief, the Paycheck Protection Program (PPP), and the third round of Economic Impact Payments (EIP) or stimulus payments, continue reading below.
Intuit Aid Assist:
Intuit has updated the Paycheck Protection Program (PPP) estimators and resources available through Intuit Aid Assist (IAA). IAA is a free website with 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 American Rescue Plan and Presidential Executive Orders on PPP.
Intuit Aid Assist includes:
- PPP Eligibility Estimator to help users determine potential eligibility for the Paycheck Protection Program
- PPP Loan Amount Estimator to help users calculate the maximum amount of PPP funding they may be eligible for
- PPP Loan Forgiveness Estimator to help users determine what portion of their PPP loan may be eligible to be forgiven
- 2020 & 2021 Tax Credit Estimators to help users navigate updated changes to tax credits included in recent legislation and Presidential policy changes
Intuit will continue to update these IAA tools with additional information to help small businesses and the self-employed understand the federal relief programs they may be eligible for.
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.
Paycheck Protection Program:
For small businesses, the American Rescue Plan includes additional funding for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). As the SBA determines how best to implement this latest round of funding, small businesses today can still apply for a PPP loan through May 31 or when funds run out, whichever comes first, through the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 signed into law on December 27, 2020. QuickBooks Capital is now also accepting PPP loan applications from certain eligible QuickBooks customers who have previously received a PPP first loan through QuickBooks Capital and who are seeking a second PPP loan up to $150,000 [footnote]. QuickBooks has also partnered with lenders to help additional eligible customers facilitate PPP applications directly through their platforms.
Economic Impact Payments:
The American Rescue Plan includes a third round of Economic Impact Payments (EIP) or stimulus payments. Those eligible could get up to $1,400 in stimulus payments for each taxpayer in their family plus an additional $1,400 per dependent. This means a family with two children could receive $5,600.
We know how important these funds are to so many Americans. To help people understand if they are eligible and how much they can expect from the IRS, TurboTax has developed a Stimulus Check Calculator.
In addition to a third round of stimulus payments, the bill also extends certain unemployment benefits and expands tax relief for unemployment benefits, the Child Tax Credit and the federal Earned Income Tax Credit (EITC). Learn more about what relief is available and how to take advantage of it here.
Now more than a year into this pandemic, 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. Many small businesses, who are 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 two previous relief bills, Intuit is planning to partner with the federal government to help people access these vital resources during this challenging time and get more money in their pockets as quickly as possible.
QuickBooks Capital is only able to assist borrowers with loans of up to $150,000. Additional QuickBooks Capital eligibility requirements apply. The loan amount available through QuickBooks Capital may therefore be lower than the amount for which you are qualified. Our lending partners, Cross River Bank and Customers Bank/SmartBiz, may be able to assist you directly with a loan of more than $150,000 because they may use additional payroll expense periods and support calculations.