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 […]

Kabbage Received Approval For Over 110,000 PPP Loans to Help Small Businesses

Kabbage

Kabbage reports it has received SBA approval to fund over 110,000 Paycheck Protection Program (PPP) applications, surpassing $3.5 billion. With a focus on serving America’s smallest businesses, Kabbage’s efforts represent over half a million jobs restored to Main Street companies in the United States. As an SBA-approved lender serving small businesses with or without a […]

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 […]

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 […]

The IRS Just Put a Monkey Wrench Into PPP Loans

IRS

The IRS issued Notice 2020-32, which “provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program [PPP] under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).” In […]

AICPA Demands Treasury and SBA Urgently Provide PPP Loan Forgiveness Calculation Guidance

AICPA

The American Institute of CPAs (AICPA) renewed its urgent call for critical guidance on Paycheck Protection Program (PPP) loan forgiveness calculations. The nation’s 44,000 CPA firms have quickly mobilized to get PPP funds into the hands of small businesses. However, they and their clients say that the lack of guidance makes it difficult for them […]

Community Banks Moved Ahead of The Line For SBA PPP Funding This Evening

SBA PPP

Small businesses working with small community lenders moved ahead of the line this evening for about 8 hours in the SBA Payroll Protection Program (PPP) sweepstakes. In a tweet, SBA Administrator Jovita Carranza confirmed that the SBA is only accepting loan applications from smaller community banks and their clients until Midnight. To assist small community […]