Tackling the paperwork and technical quirks of applying for loan forgiveness for your Paycheck Protection Program (PPP) loan may seem like an intimidating task. It’s not like restaurateurs don’t have anything else to do right now, apart from saving their businesses, feeding their communities, supporting local suppliers and keeping their employees’ jobs. So no big deal.
Help is at hand however with the PPP forgiveness platform at PPPForgivenessTool.com. Any business that received a PPP loan can use the service for free, regardlesss of whether they worked with a bank or a non-bank lender.
The platform was released by American Institute of CPAs (AICPA) and CPA.com and is powered by software from small business lender Biz2Credit.
The tool offers everything business owners and their accountants will need to get started on their PPP loan forgiveness application, including AICPA’s PPP forgiveness calculator, the PPP loan forgiveness application and all of the required government forms mandated when you submit your loan forgiveness application.
You can submit your application through the portal with an electronic signature, however the site recommends holding off on submission until further information on calculating PPP loan forgiveness is forthcoming from the Federal Government.
“From the beginning [of the PPP], we’ve been issuing documents with what our recommendations were and our suggestions on how loan forgiveness works. And now we’ve put it all into one application process,” says Erik Asgeirsson, president and CEO of CPA.com.
The site will continuously be updated with new information on PPP loan forgiveness, and borrowers who have already started their application process will be notified about any necessary changes.
To date, over $517 billion in PPP loans has been issued, with some $100 billion in PPP funds remaining unclaimed. It is thought that the complexity of the application process may have put some business owners off. The new online tool could make the loan forgiveness process easier for them.