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The American Institute of CPAs is urging firms to move swiftly to collect key information from clients looking to secure a Paycheck Protection Program loan — such as average monthly payroll amounts, quarterly revenue comparisons for second-draw borrowers and other required documents to speed the process.
The PPP reopened Monday for new and existing borrowers.
Only community financial institutions are currently able to make PPP loans. The program will open to all participating lenders soon, according to the Small Business Administration.
AICPA said it expects the federal government to open up the application process to all participating lenders by Friday.
“Small businesses should expect more scrutiny in this round of PPP applications,” said Erik Asgeirsson, president and CEO of CPA.com, in a Wednesday statement. “The SBA is doing more vetting for potential fraud and in some instances is asking for more validation. It’s important that businesses and their advisors get it right, so that applications don’t get held up and pushed back in the queue. That’s why we think it’s vital that firms use the more robust set of tools that are available now.”
AICPA President and CEO Barry Melancon added in the statement that “All indications, based on input from the Treasury and SBA, is there will be enough funding to meet all of the ‘first draw’ and ‘second draw’ PPP applications, so firms can help alleviate concerns their clients may have.”
The AICPA, CPA.com and fintech leader Biz2Credit in September launched a financing platform for CPA firms, the CPA Business Funding Portal, to help practitioners as they assist small businesses through PPP loan forgiveness.
The portal has been updated to accept so-called PPP2 applications and more than 3,000 applications have already been prepopulated, the groups said.
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