Intuit has updated Intuit Aid Assist, a free website with interactive tools to help small business owners and the self-employed assess their eligibility for federal relief and related tax credits from the Coronavirus Response and Relief Supplemental Appropriations Act.
IAA translates the complex legislation into an online interview format to help assess eligibility and delivers a personalized recommendation.
With IAA, small businesses and the self-employed can determine their eligibility as first-time or second-time borrowers under the Paycheck Protection Program. 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.
IAA also 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 plans to update the 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 the latest federal relief programs.
"We know how important small businesses are to America, and understanding these tax credits and loans is critical to helping them make the best decisions," said Intuit CEO Sasan Goodarzi in a statement. "It has been a challenging year for so many; people are facing uncertainty in the job market while struggling to keep their families safe and their children in virtual school, all while juggling the demands of making ends meet. We are using our robust platform to help customers put more money in their pockets when they need it most, and our small businesses keep their employees on payroll serving their communities."
Pairing IAA with QuickBooks Capital
Intuit reports that more than 15 million workers are paid through QuickBooks. The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, a $900 billion relief package, includes an additional $284.45 billion in PPP funding to help small businesses. In addition to providing funds for first-time borrowers, the new law provides small businesses with an opportunity to apply for a second PPP loan.
Eligible QuickBooks customers can apply for a second PPP loan within QuickBooks Capital’s automated PPP application by using their business data that’s already on the QuickBooks platform.
QuickBooks Capital will soon begin accepting second PPP loan applications from eligible QuickBooks customers for up to $150,000. Intuit has also partnered with Cross River Bank, an SBA-approved lender, to help additional eligible customers facilitate PPP applications directly through Cross River Bank's platform.
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