Paycheck Protection Program

PPP quiz: 5 frequently asked questions

Businesses and the CPAs who serve them have many questions about the administration and implementation of the Paycheck Protection Program. See if you can answer some of the questions most often asked of the AICPA’s PPP experts.

New PPP guidance implements changes from American Rescue Plan Act

The SBA issued an interim final rule incorporating revisions to the Paycheck Protection Program made by the American Rescue Plan Act. The new guidance also rules that entities that receive a Shuttered Venue Operators Grant cannot subsequently receive a PPP loan.

House passes PPP deadline extension in 415-3 vote

The U.S. House of Representatives voted 415-3 Tuesday night to extend the Paycheck Protection Program application deadline by 60 days. The PPP Extension Act of 2021 moves the PPP application deadline from March 31 to May 31 and allots an additional 30 days for processing applications received by May.

SBA targets early April for Shuttered Venue Operators Grant launch

The SBA expects to begin accepting Shuttered Venue Operators Grant applications early next month, an agency spokesperson confirmed. The SBA also released an updated pre-application checklist clarifying the requirements for applicants to submit audited financial statements and single audits.

CPAs urged to be voice of calm in PPP storm

Rule changes, deadline pressures, and ongoing processing problems with the Paycheck Protection Program are causing high levels of frustration and anxiety among many small businesses. This creates an opportunity for CPAs to provide calm guidance for stressed clients.

AICPA calls on SBA to change 'unfair' PPP guidance, deadline

The AICPA reiterated its recommendation that the SBA delay the end of the Paycheck Protection Program (PPP) application period by at least 60 days and also urged the SBA to make retroactive new rules issued this week changing the formula sole proprietors use to calculate their maximum loan amounts.

PPP borrowers can use gross income, SBA rules

Paycheck Protection Program rules released by the SBA allow self-employed individuals who file a Form 1040, Schedule C, to calculate their maximum loan amount using gross income instead of net profit.

AICPA urges Congress to extend PPP deadline

The American Institute of CPAs, citing ongoing processing problems with the Paycheck Protection Program, called on Congress to extend the program’s application deadline past the current March 31 date. The AICPA is recommending an extension of at least 60 days.

IRS issues employee retention credit guidance

The IRS issued guidance on the employee retention credit in effect for qualified wages paid after March 12, 2020, through Dec. 31, 2020, including how it interacts with Paycheck Protection Program loans.

New PPP changes attempt to ease smallest businesses' access

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.

PPP processing delays continue

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.

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100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.