Following natural disasters and in times of national crisis, America’s private sector steps up to aid the states. We are proud of the herculean efforts of CSG Leadership Circle and Associates, our private sector members, as we combat COVID-19 together.
Associates in Action articles highlight CSG Associates’ philanthropic efforts and public-private partnerships throughout the states.
As COVID-19 continues to severely impact America’s private sector, small businesses and self-employed workers are drastically affected. Many small businesses in all states are struggling to make ends meet and stay afloat during this time. As these businesses drain their savings and lose their income, the recently passed U.S. government aid and relief programs are working to help get more money in the pockets of consumers and small businesses that need it most.
Intuit, a CSG Leadership Circle member, has partnered with the federal government’s aid and relief programs to help consumers and small businesses better understand and potentially access billions of dollars through the recently passed federal aid and relief programs. By leveraging its platform capabilities, Intuit launched three new offerings: Intuit Aid Assist, QuickBooks Capital for Paycheck Protection Program and TurboTax Stimulus Registration to assist small businesses in the states.
- Intuit Aid Assist is a free website with the resources needed to help small business owners and the self-employed in the U.S. assess their qualifications for potential eligibility for financial relief under the CARES Act. Using Intuit’s artificial intelligence, Intuit Aid Assist uses the same engineering technology used by TurboTax to make tax code a simpler process.
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. 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.
- Intuit Quick Books Capital is a non-bank SBA-approved lender for the Paycheck Protection Program (PPP). QuickBooks Capital will be able to simplify, automate and expedite the PPP application process. The product will assist applicants in determining eligibility and automating much of the application process, then facilitate the federal relief application process and, in coordination with the Small Business Administration, disburse PPP funds, allowing quick access to relief.
- TurboTax Stimulus Registration is a free product designed to help the more than 10 million Americans not required to file a tax return get their stimulus money fast. On April 3, TurboTax launched the Stimulus Registration product to help millions easily file a minimum tax return with the IRS, which has the information needed to determine their stimulus eligibility. Users simply answer a few questions and then choose to receive their payment via direct deposit or check.
As of April 12, 2020, the TurboTax Stimulus Registration product has helped more than 165,000 Americans register for over $230 million dollars of federal stimulus money.
“The U.S. government has stepped in with much-needed relief and we’re partnering closely to help,” said Intuit CEO Sasan Goodarzi. “We applied our artificial intelligence and rapid innovation capabilities to help Americans navigate these offerings and get access to the money they need quickly.”
Intuit has invested in many initiatives to support small businesses. Intuit has partnered with GoFundMe to co-found the Small Business Relief Initiative in order to raise money in support of the challenges faced due to COVID-19. Intuit QuickBooks Payments customers get access to cash more quickly with QuickBooks Instant Deposit offering which makes cash available on the same day. Intuit will soon be launching a free version of the service that will save customers up to $3 million in fees and help provide them with access to up to a total of $300 million of their payment funds instantly.
Across these initiatives, Intuit believes it can put a meaningful dent in the unforeseen challenges consumers now face. While there is no perfect solution for this unprecedented situation, Intuit understands that these challenges should not be faced alone. Which is why Intuit is working to ensure it has the greatest impact on those who need it most. COVID-19 will be affecting small businesses for years to come, Intuit is doing its part to ensure these businesses across the country survive the storm.