Small Business Paycheck Protection Program

Updated July 1, 2020


+ PPP Loan Forgiveness: Status of Notice 2020-32 (7-1-20) | IRS Notice 2020-32

+ Senate Approves 5-Week PPP Extension (7-1-20)

+ PPP: Client Forgiveness Services Q&As for CPAs (6-30-20)

+ PPP Lender Accounting Issues Addressed by New TQAs (6-30-20)

+ New PPP Guidance Addresses Maturity Dates, Loan Amounts (6-27-20)

LOAN FORGIVENESS

+ PPP Recipients Can Apply Early for Loan Forgiveness, SBA Says (6-23-20)

+ REVISED RULE: PPP Revision to Third & Sixth Interim Final Rules (6-16-20)

+ Loan Forgiveness Form 3508EZ:  Instructions | Application form (6-16-20) | News summary (6-17-20)

+ REVISED RULE: PPP Revision to First Interim Rule (6-11-20)

New Guidance: Forgivable PPP Loans (6-10-20) | Technical Question and Answer (TQA) 3200.18

Partial PPP Loan Forgiveness Remains if 60% Threshold Not Met (6-8-20)

PPP Forgiveness: Trump Signs Changes into Law (6-5-20)
Watch Facebook Live Broadcast Replay Review & Q&A
See Paycheck Protection Flexibility Act | Comparison DRAFT  (6-4-20)

PPP Loan Forgiveness Guidance: Read Summary | View Guidance (5-26-20)

Revised AICPA PPP Loan Forgiveness Calculator (5-19-20) | AICPA Asks for More Clarity

SBA and Treasury Release PPP Loan Forgiveness Application | Instructions and Application  (5-15-20) | AICPA Urges More Detail (5-16-20)

AICPA Loan Forgiveness Matrix (5-5-20)

AICPA PPP Loan Forgiveness Recommendations (4-29-20)


Funding Directed to Underserved Communities (5-28-20)

House Passes Bill Easing Restrictions on Small Business Loans (5-28-20)

SBA Loan Review Procedures and Related Borrower and Lender Responsibilities (5-22-20)

House to Vote on Stand-Alone Small-Business Loan Program Fixes (5-20-20)

New FAQ 48 - Deadline Extended for SBA Form 1502  (5-19-20)

FAQ No. 47 - Safe Harbor for Repayment Extended to May 18 | AND | Safe Harbor for PPP Loans Under $2 Million (5-13-20)

Guidance: Laid-off Employees Who Refuse to be Rehired (5-4-20)

AICPA Challenges Nondeductibility of PPP-Related Expenses | IRS Notice 2020-32 (5-1-20)

How to Calculate Loan Amounts | Loan Calculation summary
Program basics flyer

AICPA Addresses CPA Firm-Lender Issues Related to PPP (4-24-20)  | AICPA Guidance update - Issues Related to CPA Involvement (4-22-20)

The Department of Treasury has released the Paycheck Protection Program (PPP) application and supplemental information, all available on its website. View more information below:


As a reminder, funds from this program:

  •  Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments;
  • Are 100% forgivable if used for the above purposes; and
  • Are available to businesses or 501(c)(3) nonprofits with less than 500 employees, including sole-proprietors, independent contractors, and other self-employed individuals.

While the application and documentation requirements are simple, make sure you review all the documents before advising any clients. Additionally, consider your clients’ intentions with other Small Business Administration loan programs when advising them on funding possibilities.

RESOURCES

CPE


CARES Act: Accountants Called to COVID-19 Front Lines

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Accounting and Financial Reporting Considerations Related to COVID-19

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Effective Virtual Teams and Virtual Meetings

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Work from Home with Microsoft Teams

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