AICPA Calls for PPP Deadline Extension Citing Businesses’ Ongoing Troubles and Confusion with Mortgage Software Processes

WASHINGTON–(Company WIRE)–The American Institute of CPAs (AICPA) nowadays named on Congress to lengthen the Paycheck

WASHINGTON–(Company WIRE)–The American Institute of CPAs (AICPA) nowadays named on Congress to lengthen the Paycheck Security Program’s (PPP) March 31 mortgage software deadline. AICPA believes that Congress can nonetheless assistance little organizations and non-profits by pursuing a stand-alone vote on this vital make a difference, even if the Congressional COVID-19 stimulus deal does not include an extension.

We thank Congress for its ongoing bipartisan help of the PPP, which is a precious lifeline to tens of millions of tiny firms and non-income. Even so, way too a lot of modest, underserved and minority-owned firms carry on to encounter severe worries with the PPP software method. The accounting occupation thinks that Congressional motion now to lengthen the looming deadline will assistance simplicity Key Avenue America’s panic and stress,” reported Barry Melancon, CPA, CGAM, AICPA president and CEO. “The PPP procedure concerns are numerous. It is nicely documented that tiny firms, non-profits and the CPAs who suggest them are enduring mistake codes when publishing a PPP personal loan software. We continue on to offer input to the Modest Business Administration (SBA) about these troubles and are hopeful a lot more progress will be produced soon.”

Melancon added, “We applaud the Biden administration’s endeavours to make PPP much more inclusive and obtainable to underneath-served companies. However, these variations make it even more challenging for the smallest company entities – the self-utilized and independent contractors – to meet up with the March 31 deadline. The SBA has not even released the new procedures for these alterations. A deadline extension of at the very least 60 times would enable these modest underserved companies the time wanted to have an understanding of these new pointers and also give the SBA more time to proper these mistake code issues.”

About the American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s most significant member association symbolizing the CPA profession, with much more than 431,000 customers in the United States and throughout the world, and a historical past of serving the public curiosity considering that 1887. AICPA users symbolize many regions of practice, which includes company and industry, general public practice, government, education and learning and consulting. The AICPA sets moral expectations for its members and U.S. auditing requirements for personal firms, nonprofit companies, and federal, state and regional governments. It develops and grades the Uniform CPA Examination, gives specialized credentials, builds the pipeline of long term talent and drives qualified competency progress to progress the vitality, relevance and quality of the career.