Photo: AndriiYalanskyi/Shutterstock
The American Institute of Certified Public Accountants (AICPA)and its business and technology arm, CPA.com, launched Monday a Paycheck ProtectionProgram (PPP) loan forgiveness platform, PPPForgivenessTool.com, which automates theforgiveness process for small-business owners who received PPPfunds.
|Powered by fintech lender Biz2Credit, the toolincorporates the PPP loan forgivenesscalculator created by the AICPA in May and is available to anybusiness approved for a PPP loan, regardless of the lender or bankthey worked with to receive funding.
|"We are now incorporating our PPP calculation and processrecommendations into a dynamic PPP Forgiveness Tool to help drive asimple and effective forgiveness process," said Erik Asgeirsson,president and CEO of CPA.com. "Our broader goal with this tool isto also to help drive a common approach to this process with thepayroll and lender communities."
|Borrowers or their CPA advisers can log onto the platform tofill out the forgiveness application, and the tool produces allgovernment-mandated forms automatically, AICPA explains.
|According to AICPA, PPP applicants can electronically sign the3508 or 3508 EZ forms, and all the required source documents arealso included in a downloadable file that can be provided to theirlenders.
|The PPP, part of the Coronavirus Aid, Relief and EconomicSecurity (CARES) Act, is designed to help businesses hurt by thepandemic to maintain operations and payroll. PPP loans areforgivable if borrowers follow guidelines on payroll spending setby the Small Business Administration and the Treasury Department,which administer the loan program.
|Treasury Secretary Steven Mnuchin said Friday that SBA andTreasury will consider forgiveness for small loans, but didn'tspecify a size.
||
From: ThinkAdvisor
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2023. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
