With the federal government set to open another round of Paycheck Protection Program (PPP) relief, the AICPA is encouraging CPA firms to jump in and offer help to clients seeking these new stimulus funds.
“What we’ve been telling CPA firms is be prepared and get to work,” says AICPA president and CEO Barry Melancon. “All indications, based on input from the Treasury and SBA, is there will be enough funding to meet all of the ‘first draw’ and ‘second draw’ PPP applications, so firms can help alleviate concerns their clients may have.”
While the exact timing of the new application process is still unclear, the AICPA has nevertheless been advising firms to collect key information from their clients such as average monthly payroll amounts, quarterly revenue comparisons for second draw borrowers and other required documentation to speed the process once it opens. To assist in these efforts, the AICPA, CPA.com and fintech firm Biz2Credit in September launched the CPA Business Funding Portal, a financing platform designed to help CPA firms as they assist small businesses through PPP loan forgiveness, and have updated the portal to accept so-called PPP2 applications in the coming weeks and months.
“Small businesses should expect more scrutiny in this round of PPP applications,” says Erik Asgeirsson, president and CEO of CPA.com. “The SBA is doing more vetting for potential fraud and in some instances is asking for more validation. It’s important that businesses and their advisors get it right, so that applications don’t get held up and pushed back in the queue.”