Borrowers and their CPA advisers may be eager to move ahead with the Paycheck Protection Program forgiveness process, but there are still many unsettled issues to consider.
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TOPICS / COVID-19
Paycheck Protection Program
AICPA urges Congress to act on PPP issues, other topics in pandemic legislation
In a letter to congressional leaders on another round of pandemic aid legislation, the AICPA urged action on Paycheck Protection Program issues, tax obstacles to remote work, state and local government funding, and employer liability related to the coronavirus pandemic.
New AICPA tool automates PPP loan forgiveness process
Borrowers can apply for forgiveness of Paycheck Protection Program loans by using a new, free AICPA tool that CPA firms can also use to serve their clients. The tool will produce all government-required forms automatically.
A product pivot and PPP success in the early days of the pandemic
A pivot to producing a different type of alcohol as well as successful application for a PPP loan meant that Sons of Liberty could continue to pay its staff and gave it time to reimagine its business model.
SBA closes EIDL Advance program after granting $20 billion
The U.S. SBA closed the Economic Injury Disaster Loan Advance program after exhausting the $20 billion in funding provided by Congress.
SBA, Treasury release names of some PPP recipients
The SBA and Treasury published a trove of loan-level data about the Paycheck Protection Program. The release includes the names of all PPP recipients that received loans for $150,000 or more.
Trump signs 5-week PPP extension
President Donald Trump signed a bill Saturday re-opening the application window for Paycheck Protection Program loans until Aug. 8. The five-week extension is intended to keep assistance available to struggling small businesses while Congress works on a new, more targeted program.
PPP lender accounting issues addressed by new TQAs
New Technical Questions and Answers issued by the AICPA discuss accounting issues lenders have encountered related to the Paycheck Protection Program.
PPP: Client forgiveness services Q&As for CPAs
Here are tips that help CPAs understand which service they should provide as well as other important issues related to the PPP.
New PPP guidance addresses maturity dates, loan amounts
Updated guidance issued by the Treasury Department and the U.S. SBA addresses PPP loan maturity dates for all borrowers as well as maximum loan amounts for certain self-employed individuals.
PPP provides a lifeline, but more may be needed
With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times.
PPP recipients can apply early for loan forgiveness, SBA says
New Paycheck Protection Program (PPP) guidance declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.
SBA, Treasury to publish names of some PPP loan recipients
The SBA and Treasury announced an agreement with the bipartisan leaders of the Senate Small Business Committee to publish the names and amount ranges for all recipients of Paycheck Protection Program loans of $150,000 or more.
SBA launches tool to match underserved borrowers with PPP lenders
The SBA, citing the impending June 30 deadline for Paycheck Protection Program applications, said that it has restarted an online referral program to match small businesses and not-for-profits with a select group of specialized and small lenders.
Heading off Paycheck Protection Program fraud
Accountants can play a role in making sure the money set aside to help small business goes to the right places.
New PPP loan forgiveness applications released
The U.S. Small Business Administration and Treasury released a revised loan forgiveness application for the Paycheck Protection Program that reflects recent changes made by Congress to make the program more borrower-friendly.
AICPA issues guidance on accounting for forgivable PPP loans
Nongovernmental entities have some options for accounting for forgivable loans under the Paycheck Protection Program, according to the AICPA’s new Technical Question and Answer guidance for borrowers.
Partial PPP loan forgiveness remains if 60% threshold not met
Paycheck Protection Program loan recipients can receive partial loan forgiveness even if they don’t spend at least 60% of their PPP funds on payroll, Treasury and the US Small Business Administration said.
PPP forgiveness changes coming as Senate passes House bill
The Senate passed a House bill that gives small businesses and other entities that received loans from the Paycheck Protection Program 16 additional weeks to spend the funds and qualify for full forgiveness of the loans.
How the CARES Act has affected business valuation
Legislation designed to help businesses during the coronavirus pandemic has created new issues for CPAs and other valuation specialists to consider. New AICPA FAQs address these valuation concerns.
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