With the recent enactment of emergency coronavirus relief, which includes renewed PPP funds and related assistance, new regulations will be in place early in the new year, according to the AICPA and its business and technology arm, CPA.com.
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, according to the AICPA and its business and technology arm, CPA.com.
According to a survey from the American Institute of CPAs, 56% of business executives said their companies sought relief funds through the Paycheck Protection Program, a $660 billion initiative under the CARES Act designed to protect small businesses and their employees.
The AICPA released recommendations on the appropriate documents and calculations that small businesses should use to qualify for loan forgiveness under the Paycheck Protection Program, including aligning the eight-week coverage period with the beginning of a pay period.