Paypal ppp laon9/19/2023 ![]() 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. ![]() Account icon An icon in the shape of a person's head and shoulders.
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