To automate the Paycheck Protection Program (PPP) forgiveness procedure for small- to medium-sized business (SMB) owners, the American Institute of Certified Public Accountants (AICPA) and CPA.com rolled out the PPPForgivenessTool.com website. The Biz2Credit-fueled technology uses the PPP forgiveness calculator the AICPA made in the spring and can be used by companies that have received the green light for a PPP loan, according to an announcement.
Biz2Credit CEO Rohit Arora said in the announcement, “This online platform will produce a finalized forgiveness application that a borrower can take right to their lender for submission without any extra work."
The tool is an open architecture technology that Biz2Credit made through its unique Biz2X Platform, per the announcement.
Those who have taken out loans or CPA advisors have the ability to access the platform to complete a forgiveness application, and the technology offers all of the forms required by the government automatically. The applicant can also sign the 3508 EZ or 3508 forms digitally, and the necessary source paperwork will come in a file that can be given to lenders.
In April, the AICPA was seeking to have the Federal Reserve make a federally-backed, short-term accounts receivable (AR) lending facility to connect SMBs with immediate cash flow. The group introduced the notion of a lending arrangement with the federal government that would last for 90 to 180 days.
And, in June, the Bank Policy Institute, along with the Consumer Bankers Association, sought to have Congress automatically forgive PPP loans below $150,000. Companies would still have to verify that funds from the initiative were used in the correct ways as required by the program, but they would not need to complete long forgiveness applications.
The PPP had a rough start after its first roll out at the beginning of April. Questions existed as to who could receive a loan, lenders had difficulty managing loan requests, and the first portion of the $349 billion was exhausted within days. There were also questions about bigger companies receiving loans as SMBs were struggling.