CPA Group Releases Small Business Loan Forgiveness Tool (1)

Accounting’s main professional group publicly released a draft calculator to help small businesses and their advisers track the use of pandemic-relief loans.

The American Institute of CPAs provided the spreadsheet on Friday shortly before the Treasury Department released its loan forgiveness application and related guidance. The tool is designed to help small businesses ensure that their Paycheck Protection Program loans through the Small Business Administration are forgiven by the federal government.

Tax accountants and small CPA firms have been helping their clients seek the lifelines—funding that is intended to cover eight weeks of payroll and some overhead costs ...