New AICPA tool automates PPP loan forgiveness process

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A new, free tool developed by the AICPA and fintech lender Biz2Credit is designed to help borrowers and their CPA advisers complete the forgiveness application for Paycheck Protection Program (PPP) loans.

Available at PPPForgivenessTool.com, the dynamic platform automates the forgiveness process for small business owners who received funds from the PPP. 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.

Borrowers or their CPA advisers can use the tool to fill out the forgiveness application. The tool will produce all government-required forms automatically. The PPP applicants will be able to electronically sign the SBA Form 3508,PPP Loan Forgiveness Calculation Form, or Form 3508EZ, and the required source documents will be saved into a downloadable file that can be provided to PPP lenders.

Continue reading this article on the Journal of Accountancy, linked here.

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