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 like rent and utilities.
- The AICPA presented its calculator to Treasury and SBA officials earlier this week and urged the federal agencies to provide more details about loan forgiveness.
- The SBA is expected to release regulations and further guidance to help businesses to complete the application, a statement from the Treasury Department said.
- The AICPA spreadsheet notes assumptions made by the group including how to calculate full-time equivalent staff and how to align the eight weeks of support with the beginning of a pay period.