{"id":398934,"date":"2020-12-14T08:08:18","date_gmt":"2020-12-14T13:08:18","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=398934"},"modified":"2020-12-14T08:08:18","modified_gmt":"2020-12-14T13:08:18","slug":"small-businesses-and-cpa-firms-should-be-readying-for-new-round-of-ppp-relief-funds-aicpa-cpa-com-and-biz2credit-say","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/small-businesses-and-cpa-firms-should-be-readying-for-new-round-of-ppp-relief-funds-aicpa-cpa-com-and-biz2credit-say\/","title":{"rendered":"Small Businesses and CPA Firms Should Be Readying for New Round of PPP Relief Funds, AICPA, CPA.com, and Biz2Credit Say"},"content":{"rendered":"

\nAICPA Urge Swift Passage of Additional Business Relief
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NEW YORK, Dec. 14, 2020 (GLOBE NEWSWIRE) — As Congress weighs renewed economic stimulus, CPA firms should be gearing up to assist small businesses whose survival depends on a new round of funding under the Paycheck Protection Program (PPP), the American Institute of CPAs (AICPA) and its business and technology arm, CPA.com, recommend. Small businesses should be reaching out to their trusted advisors, as well.<\/p>\n

\u201cWe are encouraging the 44,000 CPA firms affiliated with the AICPA to start identifying clients who will meet the proposed criteria for the next round of PPP,\u201d said Erik Asgeirsson, president and CEO of CPA.com.\u00a0\u201cAs part of that, they should begin the process of gathering key information, such as 2020 revenue. It\u2019s also important for firms to put in place processes and PPP platform capabilities. Firms have a great opportunity to be much more proactive and strategic on how they support clients with this stimulus compared to the original PPP round in April.\u201d<\/p>\n

The AICPA is urging swift, renewed funding of the PPP and other business relief programs.<\/p>\n

\u201cSmall businesses, the engine of our economy, continue to struggle,\u201d said AICPA President and CEO Barry Melancon, CPA, CGMA. \u201cWe strongly support Congress\u2019s efforts to deliver more relief funding as soon as possible.\u201d<\/p>\n

During the initial rollout of PPP, CPA firms were forced to set up manual processes to serve clients and often operated with limited guidance. To provide better support, the AICPA, CPA.com and fintech leader Biz2Credit<\/a> in September launched a financing platform for CPA firms, the CPA Business Funding Portal (located at CPALoanPortal.com<\/a>)<\/u>, to help practitioners guide small businesses through PPP loan forgiveness, as well as any other small business financing options. Versions of the portal\u2019s tools, developed by CPA.com and Biz2Credit, have been used by more than 37,000 business owners and almost 7,000 CPA firms since this summer.<\/p>\n

Once so-called \u201cPPP2\u201d funding is authorized, the portal will be quickly updated to make loan application processing efficient and aligned with the latest guided assistance, Asgeirsson said.<\/p>\n

Among other features, the CPA Business Lending Portal offers:<\/p>\n