The American Institute of CPAs and its business and technology arm, CPA.com, have released a Paycheck Protection Program (PPP) loan cancellation platform, PPPForgivenessTool.com, which automates the forgiveness process for small business owners who have received P3 funds.
Part of the CARES Act stimulus plan, the PPP is designed to help businesses affected by the coronavirus pandemic maintain their operations and their payroll. PPP loans are forgivable if borrowers follow the salary expense guidelines set by the Small Business Administration and the Treasury Department, which administer the loan program.
The platform, powered by software from fintech lender Biz2Credit, is available to any business that has been approved for a PPP loan, regardless of the lender. Borrowers or their accountants complete the rebate request, and the tool automatically generates any government mandated forms. The PPP applicant will be able to electronically sign Form 3508 or 3508 EZ (PPP Loan Remission Request Companies), and all required source documents will also be included in a downloadable file that can be provided to their lenders. The goal is to save businesses time by automating most of this process.
The platform integrates the AICPA PPP Loan Remission Calculator, which reflects all current Small Business Administration and Treasury guidelines on PPP remission.
In April, the AICPA formed a working coalition with major payroll service providers to help provide ongoing advice and recommendations around PPP for small businesses and CPA firms. This small business finance coalition has maintained an ongoing dialogue with lenders. Because PPPForgivesnessTool.com is built on an open infrastructure, businesses can integrate it into their systems and automate the import of source data.
“Over the past three months, we have been very actively engaged in providing resources and tools to support the 44,000 CPA firms in the critical role they have played for the five million businesses that have applied for loans. PPP, ”said Erik Asgeirsson, president and CEO of CPA.com, in a statement. “We are now integrating our PPP calculation and process recommendations into a dynamic PPP forgiveness tool to help drive a simple and effective forgiveness process. Our broader goal with this tool is also to contribute to a common approach to this process with the payroll and lender communities. ”