The American Institute of Certified Public Accountants and its business and technology arm, CPA.com, launched Monday a Paycheck Protection Program loan forgiveness platform, PPPForgivenessTool.com, which automates the forgiveness process for small-business owners who received PPP funds.
Powered by fintech lender Biz2Credit, the tool incorporates the PPP loan forgiveness calculator created by the AICPA in May and is available to any business approved for a PPP loan, regardless of the lender or bank they worked with to receive funding.
“We are now incorporating our PPP calculation and process recommendations into a dynamic PPP Forgiveness Tool to help drive a simple and effective forgiveness process,” said Erik Asgeirsson, president and CEO of CPA.com. “Our broader goal with this tool is to also to help drive a common approach to this process with the payroll and lender communities.”
Borrowers or their CPA advisors can log onto the platform to fill out the forgiveness application and the tool produces all government-mandated forms automatically, AICPA explains.
According to AICPA, PPP applicants can electronically sign the 3508 or 3508 EZ forms and all the required source documents are also included in a downloadable file that can be provided to their lenders.