If you applied for a loan through Payment Check Protection Program (PPP), you may be anxious to see if your small business qualifies for loan forgiveness. The program, which encourages companies to keep their employees on the payroll, has offered forgivable loans of up to $ 10 million.
Today, the American Institute of CPA (AICPA) and CPA.com launched a free tool to make forgiveness of PPP easier. Powered by Biz2Credit software, an online small business lender, the new tool includes an AICPA forgiveness calculator. The tool also has updated information from the Treasury and Small Business Administration (SBA).
If you received a PPP loan, you can use the free tool, regardless of the lender that provided the financing. Your or your CPA can use the tool to start completing the Application for forgiveness of PPP loans. However, the website says that you should wait to finish and sign the form.
Once the Treasury and SBA publish the full forgiveness guidelines, the tool will offer access to these details. If you started an application before launch, the tool will contact you. Then You can digitally sign the necessary forms and send the required documentation. AICPA predicts that the new tool could save you or your CPA from manual work hours, the Journal of Accountancy reports.
While the free tool appears to be a great time saver, there is one thing to keep in mind: Biz2Credit can contact you about the tool and “other promotional material,” according to the fine print on the tool’s website.
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Congress created the PPP to support small businesses affected by the recession in the economy. This program, which is part of the $ 2 billion CARE Law, has already offered help to millions of small businesses across the country. Small businesses can continue to apply until August 8, 2020.
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