Management accounting

The White House said it will allow only businesses with fewer than 20 employees to apply for PPP loans during a two-week period starting Wednesday. The administration also will change the PPP loan calculation formula to help sole proprietors, independent contractors and self-employed individuals receive more financial support.

Anti-fraud screenings by the SBA are delaying the processing of Paycheck Protection Program loan applications, sometimes for weeks, AICPA executives said during an online Town Hall.

The US Small Business Administration said that it is updating the Paycheck Protection Program’s processes and application platform to speed up the flow of funds to small businesses.

New guidance from the US Small Business Administration does not specify a starting date for the new Shuttered Venue Operators Grant program but does recommend actions potential applicants should be taking now while the SBA builds the application platform for the $15 billion COVID-19 relief initiative.

The SBA said that it is taking steps to improve the agency’s first-draw Paycheck Protection Program loan review process so that small businesses seeking a second-draw loan have as much time as possible to access those funds.

A new round of Paycheck Protection Program funding is available for businesses affected by the pandemic. Here’s what CPAs and business leaders need to know to get the funding they need.

The SBA and Treasury released updated Paycheck Protection Program loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less.

The SBA and Treasury issued guidance addressing how Paycheck Protection Program borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans — and what documentation should be provided to support those calculations.