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The American Institute of CPAs (AICPA) is urging firms to move swiftly to collect key information from clients looking to secure a Paycheck Protection Program (PPP) loan—information such as average monthly payroll amounts, quarterly revenue comparisons for second-draw borrowers, and other required documents to accelerate the process.
The PPP reopened Monday for new and existing borrowers. Only community financial institutions are currently able to make PPP loans. The program will open to all participating lenders soon, according to the Small Business Administration (SBA).
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The AICPA said it expects the federal government to open up the application process to all participating lenders by Friday.
"Small businesses should expect more scrutiny in this round of PPP applications," said Erik Asgeirsson, president and CEO of CPA.com, in a Wednesday statement. "The SBA is doing more vetting for potential fraud and in some instances is asking for more validation. It's important that businesses and their advisors get it right, so that applications don't get held up and pushed back in the queue. That's why we think it's vital that firms use the more robust set of tools that are available now."
AICPA President and CEO Barry Melancon added in the statement that "All indications, based on input from the Treasury and SBA, is there will be enough funding to meet all of the 'first draw' and 'second draw' PPP applications, so firms can help alleviate concerns their clients may have."
In September, the AICPA, CPA.com, and fintech leader Biz2Credit launched a financing platform for CPA firms, the CPA Business Funding Portal, to help practitioners as they assist small businesses through PPP loan forgiveness.
The portal has been updated to accept so-called PPP2 applications, and more than 3,000 applications have already been prepopulated, the groups said.
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 2024. 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.
