Companies of all kinds, including CPA firms, software vendors and banks, are fielding loan forgiveness tools for the Paycheck Protection Program. The tools include calculators for loan forgiveness and platforms for providing information to borrowers.This week, the American Institute of CPAs and CPA.com came to market with a tool based on technology from Biz2Credit, which automates the forgiveness process for small business owners who received PPP funds. The AICPA calculator provides a template that reflects all current SBA and Treasury guidance on PPP forgiveness. Also, payroll data can be imported directly from processors. The tool is available for free.
Intuit’s loan forgiveness tool be accessed through its AidAssist website. The company is also offering a Tax Credit Estimator. In addition, by using the PPP Center, borrowers can ascertain their covered periods and loan forgiveness estimates, and access loan agreement, payroll, and non-payroll reports.
Among accounting firms, a PPP loan forgiveness platform is being offered by Ernst & Young, which built its offering with technology from Microsoft. The EY Paycheck Protection Program Loan Forgiveness Platform offers a variety of features, including a borrower dashboard, chatbot, knowledgebase, community forum and direct submissions to subject matter experts.
It also incorporates an integrated control framework and governance model that includes control oversight and quality review. The center enables businesses to receive a loan forgiveness estimate, along with accessing loan agreements, payroll, and non-payroll reports.
