Encouraging Congress to pass legislation that requires the Small Business Administration (SBA) to certify and provide free online access to PPP loan forgiveness calculators, the AICPA announced its support for the Calculate PPP Forgiveness Act of 2020.
The Calculate PPP Forgiveness Act states that the SBA, in coordination with the Department of the Treasury, must provide or certify a loan forgiveness calculator that is easily accessible by the public, available online and at no cost. The calculator must allow a lender or recipient of a PPP loan to estimate the amount of that loan’s forgiveness and help the lender or recipient complete an application to request forgiveness for a covered loan.
Based on existing PPP guidance and additional recommendations, the AICPA in May shared its version of a PPP loan forgiveness calculator with the Treasury Department and SBA. The association believes such a tool will help clear up questions surrounding loan forgiveness that have plagued PPP implementation among small businesses.