Notice: Paycheck Protection Program closed August 8, 2020
Current law dictates that the Paycheck Protection Program (PPP) closed at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.
A new free-to-use online calculator is designed to help simplify the forgiveness step in the small business loan Payroll Protection Program (PPP). Developed by the American Institute of Certified Public Accountants (AICPA) and fintech lender Biz2Credit, the platform automates the forgiveness stage of the PPP. The tool incorporates an earlier PPP forgiveness calculator developed by the AICPA.
The developers estimate the calculator, PPPForgivenessTool.com, will save several hours of manual work for any applicant going through the PPP loan forgiveness process.
Any business with a PPP loan, regardless of the lender, can use the tool. The only requirement is that the small business is approved for the loan program.
NOTE | There are areas where additional guidance from the Treasury and SBA is needed to calculate PPP forgiveness. Borrowers can still get their applications started while waiting on additional guidance. Once additional guidance is released, PPPForgivenessTool.com will be updated to reflect the new rules and we will contact borrowers who have started applications on the tool. The AICPA recommends borrowers begin an application and wait for additional guidance before generating the final signed SBA Form 3508.
“The objective for the calculator was to create a simple, effective forgiveness process,” said Erik Asgeirsson, president and CEO of CPA.com.
A brief overview of the tool is available in this video,