News on the Paycheck Protection Program

News on the Paycheck Protection Program

July 2, 2020
By Tonneson
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Last evening the House passed the extension of the Paycheck Protection Program (PPP) which the Senate passed on Tuesday. The extension extends the deadline for small businesses to apply for a PPP loan to August 8, 2020. President Trump is expected to sign the bill today. The PPP still has approximately $130M in funds available to lend.

Congresswoman Ann Wagner introduced new legislation on June 29 that would require the SBA and Treasury to create an easy-to-use online calculator for small business owners to calculate their loan forgiveness. The “Calculate PPP Forgiveness Act of 2020” states the SBA and Treasury must provide or certify a calculator that:

  • Is easily accessible by the public and 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
  • Helps a lender or recipient of a PPP loan to complete an application to request forgiveness for a covered loan

The AICPA supports this bill and in May shared its calculator with Treasury and SBA. The AICPA calculator could be certified by the SBA and Treasury. The AICPA believes this legislation is needed to help resolve outstanding questions and uncertainties still surrounding the program’s forgiveness provisions of the PPP.

You may access the AICPA forgiveness calculator here.

Should you have any questions, please don’t hesitate to reach out to your tonneson + co representative.