AICPA and Biz2Credit launch PPP loan forgiveness tool


The American Institute of Certified Public Accountants (AICPA) and Biz2Credit announced the launch of a Paycheck Protection Program (PPP) Lending Platform. the platform, PPPForgivenessTool.comhelps automate the forgiveness process for small business owners who have received PPP funds.

The open platform includes AICPA’s Loan Forgiveness Calculator, a template that reflects all of the current SBA and Treasury Department guidance on PPP forgiveness. Since April, the Loan Amount and PPP Calculators have been downloaded by tens of thousands of businesses. The platform is free for small businesses and CPA firms applying for a waiver.



AICPA and Biz2Credit launch PPP loan forgiveness tool

“We are now integrating our PPP calculation and process recommendations into a dynamic PPP forgiveness tool to drive a simple and effective forgiveness process,” said Erik Asgeirsson, President and CEO of CPA.com.

The platform works for any business, regardless of which lender or bank they have worked with to get the funding. This allows borrowers or their CPA advisors to log into the platform to complete the forgiveness application. In turn, the tool automatically creates all government-mandated forms so they can easily control the forgiveness process.

The PPP platform allows applicants to generate electronically signed 3508 or 3508-EZ forms along with other required source documents. This platform will complete the forgiveness process by attaching a downloadable file to lenders. The platform simplifies the process of applying forgiveness by saving time and manual labor going through the process.

The platform allows payroll providers and others who own small business data to automate the import of source data they own. This offers businesses additional speed to complete their adoption application.

How it works

Accounting firms, accountants, or even business owners can fill out their applications for remission with relative ease and with less paperwork. The platform was developed by Biz2Credit using its own Biz2X platform.

Certified Personal Accountants (CPA) can log into the platform using their email addresses, phone numbers and AICPA number. Once enrolled, a CPA can start a new forgiveness application from scratch using the Create New Client option. You can then fill out the customer’s profile and other relevant information required for the forgiveness request. This includes lender name, PPP details, loan amount, time period covered and other specifics.

The platform also integrates a list of lenders from the Small Business Administration (SBA) website. This contributes to a simple, fast and integrated filling process for applications. Access is also available for the AICPA’s Excel calculator to allow double checking of figures.

The Loan Amount and PPP Calculators provide a commonly accepted approach to many PPP issues not covered by definitive guidance.

The platform’s dashboard also contains all the CPA customers’ loan applications. The platform creates a ready-made application for forgiveness that a borrower can take directly to their lender for submission. Once an application is complete, you can print it out with a simple click. The PPP Loan Forgiveness Tool will be updated to reflect any new changes made by the SBA or Department of Treasury.

“This online platform will create a final forgiveness application that a borrower can take directly to their lender without any additional work,” said Rohit Arora, CEO of Biz2Credit.

PPP helps companies in difficult times

The Paycheck Protection Program (PPP) is part of the coronavirus relief effort under the Relief and Economic Security (CARES) Act. PPP’s goal is to help small businesses stay afloat during the uncertainties following the COVID-19 outbreak.

The support package was signed into law in March 2020 to help small businesses with a budget of $349 billion. However, borrowers do not have to pay the loan if they follow payroll spending guidelines set by the SBA and Treasury Department, which administer the loan program.

Two classes of small business are eligible. Entrepreneurs with 500 or fewer employees and self-employed contractors, freelancers or independent contractors.

Loans through PPP average a loan size of $113,228 and have 5,458 lenders participating in the program. And the low-interest loans cover up to 10 weeks of labor costs and are tax-free grants. It allows participating banks to qualify for 100% forgiveness later on. The loans can be forgiven entirely if companies spend 60% of them on payroll; Payment of interest on mortgages, rents and utilities.

Originally planned in June the program has been extended to August 8th. The fund still has more than $130 billion available for small businesses. To date, around 4.9 million loans have been granted to companies. Of that, more than $521 billion was lent.

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