The AICPA has officially launched its PPP Loan Forgiveness Tool (the Tool) which will assist borrowers with filling out the forgiveness application forms for the PPP. Not only does the Tool automatically produce all of the government required forms, but there is also a mechanism for electronically signing the Small Business Administration (SBA) Form 3508 or 3508EZ and placing the signed form with the required documents into a downloadable file. This enables borrowers to submit the file with a completed package of forms and documents to the PPP lender easily.
This new, free tool was developed by the AICPA and fintech lender Biz2Credit. The Tool incorporates the PPP forgiveness calculator developed by the AICPA and is available to any business approved for a PPP loan, regardless of the lender it worked with to receive funding.
The AICPA estimates that the Tool will save hours of manual work for any applicant going through the PPP loan forgiveness process. When final Treasury and SBA FAQs on PPP forgiveness are released, the Tool will be updated to reflect any new changes.
The open architecture of the platform enables easy integration into the forgiveness tool. Payroll providers and other companies that hold small business data are able to automate the import of source data they hold, such as payroll reports, increasing the speed with which businesses can complete their forgiveness applications.
Caution: The SBA and Treasury have still to issue the final guidance on the PPP program and loan forgiveness calculations; therefore, it is recommended that the borrower upload information into the Tool but wait to print and sign the Form 3508 or 3508EZ until the final guidance and SBA FAQs are issued.
We will continue to keep you updated. Should you have any questions, please don’t hesitate to reach out to your tonneson + co representative.