The institute thanks Rep. Ann Wagner and Rep. Lacy Clay and encourages Congress to pass legislation requiring the SBA to approve PPP loan forgiveness calculators
WASHINGTON, DC, (June 29, 2020) – The American Institute of CPAs (AICPA) today announced its support for the “Calculate PPP Forgiveness Act of 2020,” and encouraged Congress to pass legislation that requires the Small Business Administration (SBA) to certify and provide free, online access to PPP loan forgiveness calculators.
In May 2020, AICPA launched a PPP loan forgiveness calculator, which it shared with the Treasury Department and SBA, because questions around loan forgiveness have been a major stumbling block to successful PPP implementation. The calculator is based on existing PPP guidance and additional recommendations from AICPA. Both the calculator and the underlying recommendations were made in consultation with an AICPA-led small business funding coalition whose members provide services and support to businesses that employ more than 75 million people.
“We thank Rep. Wagner and Rep. Clay for their continued support of small businesses and lenders as we all work towards a commonly accepted approach to PPP loan forgiveness. Small businesses, lenders and the CPAs who advise them need simple, easy-to-use and easy-to-access tools to plan for and calculate the appropriate amount of PPP loan forgiveness,” said Erik Asgeirsson, CEO and president of CPA.com. “In the absence of clear guidance from the SBA, we welcome this legislation and encourage Congress to support it.”
Asgeirsson added that, “We welcome all small businesses, lenders and CPA firms to use the AICPA’s loan calculator and look forward to receiving SBA certification.”
The Calculate PPP Forgiveness Act states that the SBA, in coordination with the Department of the Treasury, must provide or certify a loan forgiveness calculator that:
- Is easily accessible by the public, available online;
- Is available at no cost;
- Allows a lender or recipient of a PPP loan to accurately estimate the amount of that loan’s forgiveness; and
- Helps a lender or recipient of a PPP loan to complete an application to request forgiveness for a covered loan.
For more PPP resources from the AICPA please visit the institute’s Coronavirus Resource Center.