Update: April 7, 11:15 AM
Late last night the Small Business Administration released a PPP loan FAQ document. Find additional details from the Journal of Accountancy here.
Update: April 5, 7:30 AM
AICPA has issued a recommendation to use the Gross Payroll approach for PPP payroll calculation. Find all the details here in the COVID-19 Business Resource Group on WSCPA Connect.
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One of the biggest provisions of the Coronavirus Aid Relief and Economic Security (CARES) Act is the Paycheck Protection Program (“PPP”) that authorizes up to $349 billion in forgivable loans to small businesses during the COVID-19 crisis.
There has been some confusion regarding the definitions of "agent" and "authorized representatives" and whether an accountant is considered one when offering these services. In order to help you assist your clients or organizations with this program, we have compiled a number of resources.
AICPA PPP Resources
For a primer on the Paycheck Protection Program and an update of the related issues that CPAs need to understand, view this AICPA video or
read
this AICPA statement and guidance.
AICPA has shared a number of PPP resources to help assist
clients with applications. The AICPA PPP resources include:
- Co-brandable PPP overview guides
- PPP payroll calculators (being updated as guidance is released)
- Sample PPP application
- Other SBA resources to share with clients
CARES Act Impact Webinar Next Monday
On Monday, April 6, George and Greg are delivering an up-to-the-minute webinar update on the CARES Act and its impact. The webinar will cover the Payment Protection Program and its nuances in depth. Learn more about the webinar and register here.
Engagement Letter Templates and Response to Lenders
CAMICO has developed the following engagement letter templates and sample response to lenders for your reference:
Related Resources:
COVID-19 Business Challenges Resource Group - Join this group on Connect (WSCPA's new private community)
WSCPA Coronavirus Resource Center
SBA issues details for Paycheck Protection Program loans (Journal of Accountancy)