AICPA Recommendations for Paycheck Protection Program (PPP) Application Documents
The American Institute of Certified Public Accountants (AICPA) is the world’s largest member association representing the accounting profession. As members, we closely follow their guidance.
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 Paycheck Protection Program (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.
The AICPA’s overall objective is to help drive an effective Paycheck Protection Plan (PPP) application process that quickly directs relief funds into the hands of small business owners and their employees.
For more details from the AICPA, follow the link here.