AICPA Survey Shows 56 Percent of Executives Sought PPP Loans

SBA

Some 56 percent of business executives said their companies had sought relief funds through the Paycheck Protection Program (PPP), a $660 billion initiative under the CARES Act designed to protect small businesses and their employees, a survey by the American Institute of CPAs found. The PPP was by the most popular form of pandemic-related aid […]

AICPA Encourages Small Businesses Apply For PPP Loans Thanks to Bipartisan PPP Flexibility Act

SBA

In reaction to today’s signing of the Paycheck Protection Program Flexibility Act, the American Institute of CPAs (AICPA) encouraged small businesses to apply for Paycheck Protection Program (PPP) funds ahead of the fast-approaching June 30th deadline. The institute added that the PPP Flexibility Act significantly increases the chance a small business can continue its operations and […]

eBay Protects Seller Performance Standards Until July

eBay

eBay announced it is protecting sellers until July from adverse impacts due to the coronavirus crisis that may require sellers to ship items late or cancel orders. “Ebay realizes that flexibility in business operations is essential right now.  We want to reassure you that you will not be penalized for being unable to carry out […]

SBA Releases PPP Forgiveness Instructions – AICPA Says Questions Still Remain

AICPA PPP Loan Frustration

The Treasury Department and Small Business Administration last night released a loan forgiveness application form for the CARES Act’s Paycheck Protection Program (PPP), which had been urgently sought by CPA firms and their small business clients in recent weeks. The document and related instructions partially address some outstanding issues but leave others unaddressed and, more […]

U.S. Retail and Food Services Sales Crashed in April by Over 16 Percent

Store Closed COVID-19

This morning, the U.S. Department of Commerce releases its estimates of sales in the retail and food services sector for April 2020. As expected, physical retail took a huge toll, but nonstore retailers were up significantly over last year. While the collection methodology between Adobe’s Digital Economy Index and the commerce department is different, the […]

AICPA Offers Loan Forgiveness Calculator for SBA Paycheck Protection Program

AICPA

The American Institute of CPAs (AICPA) has created a loan forgiveness calculator for the Paycheck Protection Program (PPP), the main small business relief vehicle under the CARES Act, and today shared it with the Treasury Department and Small Business Administration. Questions surrounding loan forgiveness have been a major stumbling block to successful PPP implementation, and […]

List of Banks Accepting SBA Paycheck Protection Program Loans – Update 5/13/2020

Bank Building

The SBA started to accept applications from participating lenders for the Small Business Paycheck Protection Program (PPP) last Friday. The program has a feature for loan forgiveness if the borrower meets certain criteria. READ MORE: The SBA Paycheck Protection Program Round 2 Starts Today, Monday April 27 The loan forgiveness has made this $350 billion […]

Small Business Advocates Frustrated by Lack of Clear Guidance on PPP Loan Forgiveness

Small Business

The American Institute of CPAs (AICPA), National Federation of Independent Business (NFIB), the S Corporation Association (S-CORP) and four other small business advocates issued the following statement in response to the lack of clear and consistent guidance from the Department of the Treasury’s and Small Business Administration’s (SBA) on the Paycheck Protection Program (PPP). The […]