As applicants struggle with the rollout of the Small Business Administration’s (SBA) latest round of Paycheck Protection Program (PPP) relief, the AICPA is urging Congress to extend the deadline for applications.
With the current March 31st deadline bearing down, many businesses have reported system errors and problems with validation checks on the SBA’s PPP processing platform. In addition, a February announcement by the White House noting that the PPP loan calculation formula for sole proprietors, self-employed individuals and independent contractors would be changed to help those individuals receive more financial support has yet to be followed up with actual guidance from the SBA.
“We applaud the Biden administration’s efforts to make PPP more inclusive and accessible to underserved businesses,” says AICPA president and CEO Barry Melancon. “However, these changes make it even harder for the smallest business entities – the self-employed and independent contractors – to meet the March 31 deadline.”