New PPP Loan Forgiveness for Small Business Tool Released by AICPA

Recently, the American Institute of Certified Public Accountants launched a new platform geared towards helping small businesses work on PPP forgiveness.  This platform can be found at PPPForgivenessTool.com.  “We are now incorporating our PPP calculation and process recommendations into a dynamic PPP Forgiveness Tool to help drive a simple and effective forgiveness process,” said Erik Asgeirsson, president and CEO of CPA.com. “Our broader goal with this tool is to also to help drive a common approach to this process with the payroll and lender communities.”

Hopefully this new tool will help our local small businesses and entrepreneurs fill out the PPP Forgiveness Application 3508 or 3508 EZ, while cutting down on the extra stress that paperwork can cause in this already stressful time.  You should also remember that “final Treasury and U.S. Small Business Administration (SBA) FAQs on PPP forgiveness are expected to be released soon, and the PPP loan forgiveness tool will be updated to reflect any new changes. Based on this, the AICPA recommends that borrowers and CPA firms wait for the final guidance before generating the final signed Form 3508.”

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