The American Institute of CPAs, the AICPA-led Coalition, and other key stakeholders – collectively representing 44K CPA firms, 2.5M small businesses and 30M employees – have come together to drive a common understanding and approach around the implementation of the U.S. Treasury and Small Business Administration Paycheck Protection Program (PPP).
Based on these collective discussions and our understanding of the intent of the PPP program, the AICPA is making the following broad recommendations for lender documents as well as providing direction on a few key calculations. These AICPA recommendations are not meant to be comprehensive. This is not intended to be used as a loan calculator. Rather, these recommendations are meant to help minimize confusion and complexity for applicants and to help drive consistency with lenders.
Our overall objective is to help drive an effective PPP application process that quickly directs relief funds into the hands of small business owners and their employees. Read the full letter.