The American Institute of Certified Public Accountants (AICPA) and its business and technology arm, CPA.com, have launched a Paycheck Protection Program (PPP) loan forgiveness platform, PPPForgivenessTool.com, which automates the forgiveness process for small business owners who received funds from the PPP.
The platform, which is powered by fintech lender Biz2Credit, incorporates the PPP forgiveness calculator created by the AICPA in May and is available to any business approved for a PPP loan, regardless of the lender or bank they worked with to receive their funding.
Borrowers or their CPA advisors can log onto the platform to fill out the forgiveness application and the tool produces all government-mandated forms automatically. The PPP applicant will be able to electronically sign the 3508 or 3508 EZ forms and all the required source documents will also be included in a downloadable file that can be provided to their lenders.
CPA.com president and CEO Erik Asgeirsson said: “For the past three months, we have been very actively engaged in providing resources and tools to support the 44,000 CPA firms in the critical role they’ve played for the five million businesses that applied for PPP loans.
“We are now incorporating our PPP calculation and process recommendations into a dynamic PPP Forgiveness Tool to help drive a simple and effective forgiveness process. Our broader goal with this tool is to also to help drive a common approach to this process with the payroll and lender communities.”
Biz2Credit CEO Rohit Arora said: “This online platform will produce a finalised forgiveness application that a borrower can take right to their lender for submission without any extra work.
“It is extremely important right now for companies that serve small businesses to come together to help these business owners benefit from the PPP. An open architecture platform like this is an invitation to any company that works with small businesses, including PPP lenders. Come and join the coalition, integrate to the platform and help your small business customers at this critical time.”
