AICPA Launches PPP Loan Forgiveness Tool
The platform automates the forgiveness process for small-business owners who received PPP funds.
The American Institute of Certified Public Accountants (AICPA) and its business and technology arm, CPA.com, launched Monday a Paycheck Protection Program (PPP) loan forgiveness platform, PPPForgivenessTool.com, which automates the forgiveness process for small-business owners who received PPP funds.
Powered by fintech lender Biz2Credit, the tool incorporates the PPP loan forgiveness calculator created by the AICPA in May and is available to any business approved for a PPP loan, regardless of the lender or bank they worked with to receive funding.
“We are now incorporating our PPP calculation and process recommendations into a dynamic PPP Forgiveness Tool to help drive a simple and effective forgiveness process,” said Erik Asgeirsson, president and CEO of CPA.com. “Our broader goal with this tool is to also to help drive a common approach to this process with the payroll and lender communities.”
Borrowers or their CPA advisers can log onto the platform to fill out the forgiveness application, and the tool produces all government-mandated forms automatically, AICPA explains.
According to AICPA, PPP applicants can electronically sign the 3508 or 3508 EZ forms, and all the required source documents are also included in a downloadable file that can be provided to their lenders.
The PPP, part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, is designed to help businesses hurt by the pandemic to maintain operations and payroll. PPP loans are forgivable if borrowers follow guidelines on payroll spending set by the Small Business Administration and the Treasury Department, which administer the loan program.
Treasury Secretary Steven Mnuchin said Friday that SBA and Treasury will consider forgiveness for small loans, but didn’t specify a size.
From: ThinkAdvisor