The AICPA has created a loan forgiveness calculator for the Paycheck Protection Program (PPP), the main small business relief vehicle under the CARES Act, and shared it with the Treasury Department and Small Business Administration on May 14. They have been collaborating with accounting, payroll providers, banking, and other industry leaders to come up with a PPP loan forgiveness calculator in hopes of having a standard that is consistent for all users, and resolve outstanding issues for successful PPP implementation. The AICPA issued a press release on May 14 and published a revised calculator on their website on May 21.
AICPA PPP Loan Forgiveness Calculator
NOTE: This has not been approved yet by the Treasury Department or the SBA. This calculator is based on current SBA guidance as of May 12. Keep in mind that the HEROS Act as currently drafted contains some changes that will impact PPP loans. We will continue to monitor activity and update you with any breaking news.
Questions? Contact one of our experts to help you navigate COVID-19 relief opportunities.
This article was last updated 5-28-20 at 8:00 am.
