Note: On June 6, the ‘Paycheck Protection Program Flexibility Act of 2020’ was enacted, which gives more flexibility to borrowers. Learn more here.
A PPP Loan Forgiveness calculator is now available, developed by the AICPA (clicking on the link automatically downloads this Excel spreadsheet).
The Treasury Department and the SBA issued their PPP loan forgiveness application, which includes guidance on PPP loan forgiveness, on Friday night, May 15. The AICPA’s Firm Services/PCPS team has updated the calculator to reflect the information provided in the application.
However, the guidance issued does not provide clarity in all the areas call for by the profession and the small business funding coalition. In an effort to help CPAs assist small businesses, the AICPA released this comment to continue to push Treasury to create clarity and flexibility, including questions surrounding the 8-week loan period.
The calculator is based on existing PPP guidance from the Treasury and SBA, additional recommendations from the AICPA, as well as some assumptions. These assumptions are noted in the calculator template, along with a disclaimer that in instances where SBA guidance is unclear, a CPA’s judgment and interpretation of the CARES Act may be necessary.
Other PPP Resources
The PPP Loan Forgiveness Services Matrix is an AICPA tool (updated as of May 6) to help CPAs navigate their engagements or other services around documenting expenses related to PPP forgiveness.
The AICPA’s Firm Services/PCPS team embedded links into the matrix that connect to sample letters for various engagements and documentation, along with links to guidance that CPA firms should consider for each type of service and client relationship.
This URL for this “one-stop shop” to help small business clients will always link to the most updated version of the document:
The Firm Services/PCPS team of the AICPA is posting other new resources regularly to their PPP Resources Center.
PPP Loan Forgiveness Services Matrix is part of the AICPA’s COVID-19 Resource Center.