Buzz
If you received a loan via the Paycheck Protection Program (PPP), you may be eager to determine if your small business qualifies for loan forgiveness. This initiative, designed to help businesses retain employees, has offered forgivable loans up to $10 million. The American Institute of CPAs (AICPA) and CPA.com have now launched a free tool to simplify the forgiveness process. Powered by Biz2Credit's software, this tool includes an AICPA forgiveness calculator and up-to-date data from the Treasury and SBA.
Whether your lender was with the PPP or another provider, you can use the free tool to assist with your loan forgiveness application. You or your CPA can start filling out the application, though the form should not be finalized until further instructions are available.
Once the Treasury and SBA release complete forgiveness guidelines, the tool will include access to these updates. If you’ve already started your application, the tool will reach out to you. Afterward, you can electronically sign and submit the required documents. According to the AICPA, this tool could save your CPA or you hours of manual work, as reported by the Journal of Accountancy.
While the tool is free and seems to save a lot of time, it’s important to note that Biz2Credit might reach out to you regarding the tool or send you other promotional offers, as disclosed in the fine print on their website.
The Paycheck Protection Program (PPP), established by Congress, was designed to assist small businesses affected by the economic downturn. Part of the $2 trillion CARES Act, it has already provided vital relief to millions of small businesses nationwide. Small businesses can continue applying for assistance until August 8, 2020.
