Automate the Forgiveness of PPP Loans With This Free Tool
If you applied for a loan through the Payroll Protection Program (PPP), you might want to know if your small business is eligible for a loan forgiveness . The program, which encourages companies to keep their employees on a payroll, has offered bad loans of up to $ 10 million. Today, the American CPA Institute (AICPA) and CPA.com released a free tool that made it easier to forgive PPPs. The new tool, powered by software from Biz2Credit, an online lender for small businesses, includes a forgiveness calculator from AICPA. The tool also has up-to-date information from the Treasury and Small Business Administration (SBA).
If you have received a PPP loan, you can use the free tool, no matter which lender provided the financing. You or your CPA can use this tool to get started filling out your PPP Loan Forgiveness Application . However, the website says not to complete or sign the form.
After the Treasury and SBA release the complete forgiveness guide, the tool will offer access to those details. If you launched the app before it was released, the tool will contact you. You can then digitally sign the required forms and submit the required documents. The AICPA predicts a new tool could save you or your CPA hours of manual labor, according to the Journal of Accountancy.
While the free tool appears to be a significant time-saver, one thing to keep in mind is that Biz2Credit may contact you about the tool and “other promotional materials” as indicated in the small print on the tool’s website.
Congress created PPPs to support small businesses hit by the economic downturn. This program, which is part of the law CARES worth 2 trillion dollars , has already helped millions of small businesses across the country. Small businesses can continue to apply until August 8, 2020.