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September 23, 2020

AICPA, CPA.com and Biz2Credit launch platform for small business funding

By Joe Pickard

The American Institute of Certified Public Accountants (AICPA), its business and technology arm, CPA.com, and fintech Biz2Credit are collaborating on a platform, CPALoanPortal.com, to streamline the process for CPA firms advising small businesses both on loan forgiveness under the Paycheck Protection Program (PPP) and additional small business financing options that clients may need to fund growth.

The platform adds CPA-centric capabilities to the automated PPP loan forgiveness tool (PPPForgivenessTool.com) the companies introduced in July.  It incorporates the PPP forgiveness calculator developed by the AICPA and is available to any business approved for a PPP loan. The platform produces all government forms required under the PPP program, supports calculations on payroll and other expenses, and produces a master report with the applicant’s electronic signature that can be delivered to the underwriting lender.

The basic loan forgiveness tool is included in CPALoanPortal.com, with enhanced functionality now available specifically for CPA firms to support clients more efficiently. These features include:

  • Functionality that allows firms to easily aggregate clients, customize engagements and track progress on loan and financing applications
  • Integration to additional lending options for clients
  • Enhanced customer service for CPA firms

Two subscription tiers, premium and enterprise, are available based on the number of users and volume of loan applications a firm is managing. The original basic loan forgiveness application service remains free.

CPA.com president and CEO Erik Asgeirsson said: “Over the past six months, CPA firms have played a defining role with their clients around the different business relief programs, especially the Paycheck Protection Program.

“We have been helping the 44,000 firms provide advice and direction to their clients through our weekly AICPA Town Halls and resource tools. We’re now taking the next step in launching a cloud-based business relief platform for firms to use in providing these services. In many ways, this is developing into a strategic service line for firms and it is important for them to have professional tools to support it.”

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