AICPA expects the federal government to open the application process by Friday for all lenders participating in the latest round of paycheck protection programs, and to relieve CPA firms to advance the application process for small business customers Encourage to
The Small Business Administration (SBA) began accepting new applications on a limited basis this week through community financial institutions. But confusion about timing for other lenders has led to increased concern among small businesses and their advisors.
AICPA President and CEO Barry Melancon, CPA, CGMA stated, “We believe the full program needs to go live as soon as possible and we support the Treasury Department and SBA to re-support the program for all lenders . ” “What we are telling CPA firms is ready and get to work. Based on inputs from the Treasury and the SBA, all signs, ‘all draws’ and’ second draws’ will be sufficient funds to complete PPP applications, so companies can help reduce their customers’ concerns. ”
AICPA is advising firms to collect critical information from their clients such as average monthly payroll amounts, quarterly revenue comparisons for second-draw borrowers, and other necessary documents to speed up the process. Compared to the program’s initial launch in April 2020, companies now have substantial experience of trade relief, more guidance and better equipment.
AICPA, CPA.com, and fintech company Biz2Credit launched a financing platform for CPA firm, CPA Business Funding Portal, in September to help physicians assist small businesses through PPP debt forgiveness. The portal, which has been used by thousands of firms, has been updated to accept so-called PPP2 applications and more than 3,000 applications are already predetermined.
“Small businesses should expect more scrutiny in this round of PPP applications,” said Eric Asgerson, president and CEO of CPA.com, a subsidiary of AICPA. “The SBA is vetting more for potential fraud and is asking for more verification in some cases. It is important that businesses and their consultants get it right, so that applications are not caught and pushed back into the queue. So we think it is important that companies use a more robust set of tools that are available now. “
The CPA Business Funding Portal offers free basic service, plus third subscription plans for companies that want a direct route to obtaining a loan through an SBA-approved lender to ensure they receive agent fees We do.
Rohit Arora, CEO and Co-founder of Biz2Credit said, “It is important that business owners work closely with their trusted business advisors, especially their CPA, to get the maximum loan amount and provide the right supporting documents. Can do. ” “Getting ready now is the best way for businesses to make sure they get the money they need.”
AICPA officials will discuss the CPA’s latest PPP developments and their implications and their small business clients later this week AICPA Town Hall Thursday at 3 pm ET. For more information on AICPA’s resources for firms on PPP, please see aicpa.org/sba. More information about the CPA Business Funding Portal can be found here cpa.com/business-funding.