![]() If you don't already use one of these services, applications may not be available right away. The key for small business owners to know about getting their PPP loans through any of these fintech services is that the speed and ease come by being existing customers. "There are some serious but very manual steps that we can skip if you happen to be a payroll customer at Intuit." In most cases, loans could get to customers' bank accounts the day after they're approved, Voiles said. Voiles said that the PPP application through QuickBooks starts by calculating the loan amount based on the employer's payroll and could take about 10 minutes to complete. ![]() "Most of the data is auto-populated, and it really is just a review process to get through," vice president and business leader of QuickBooks Capital, Luke Voiles, told Insider. QuickBooks, for example, modeled its PPP application closely to the application customers use to get business loans through QuickBooks Capital. The application process can be streamlined for businesses that have pre-existing accounts and lending history with their payment processors, bookkeeping, and payroll services.įintech services are able to fast-track their applications because they have the framework figured out - they need only to specify it to the Small Business Administration (SBA) guidelines. It often indicates a user profile.įintechs provide a new avenue for business owners desperately seeking cash and could deliver the funds much sooner than traditional banks, because fintechs already have technology on their side. 3 strategies small business owners are using to get their SBA stimulus loans faster - When will your SBA loan be approved? Why the process is moving so slowly -College educated investors may be more likely to fall for coronavirus scams - Corporate credit markets do brisk business after Fed help -Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO -VIDEO: 401(k) withdrawal penalties waived for anyone hurt by COVID-19 Subscribe to Fortune’s Bull Sheet for no-nonsense finance news and analysis daily.Account icon An icon in the shape of a person's head and shoulders. More must-read finance coverage from Fortune: ![]() Only existing PayPal merchants are currently eligible to apply for the PPP loans, which the company aims to send to qualifying small businesses within 24 hours of their application. “Because the sooner we can get those loans into the hands of small businesses, the more quickly we’re able to get those disbursement checks into the hands of those who most need them, the better off our economy and our country will be,” Schulman added. (People eligible for the checks can now provide their direct deposit information using a PayPal account in lieu of a bank account through a new IRS portal launched Friday.) “We think that we can be a great platform for the distribution of those,” Schulman said. In an interview with Fortune last week, PayPal CEO Dan Schulman said he and his employees were working “literally 24 by 7” to be able to offer PPP loans through the SBA, as well as to allow recipients of individual stimulus checks to receive their money digitally through PayPal and its payment app Venmo.
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