The American Institute of Certified Public Accountants (AICPA) issued a declaration calling for the Small Service Administration (SBA) to extend the Income Security Program (PPP) application due date and modify its newest assistance so it is more reasonable to all.
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The AICPA statement launched on March 5, 2021 states, “The PPP has been a critical lifeline for numerous small companies, especially the countless sole proprietors that are the structure of the U.S. economy. Yet, the SBA’s last-minute guidance, coupled with the impractical March 31 st PPP application deadline, has produced unnecessary confusion and anxiety. We highly urge the SBA to revise its guidance to be retroactive and to extend the PPP application window by a minimum of 60 days so everyone, including lenders, small companies and the Certified public accountants who encourage them, has enough time to adapt to altering assistance and operational obstacles,” stated Barry Melancon, Certified Public Accountant, CGMA, AICPA president and CEO. “The March 31 due date just does not make sense. Lots of PPP loan providers have actually said that they require at least one week to upgrade their systems for this guidance before they accept new applications. That provides small companies less than 2 weeks to submit a complete and accurate application. Also, the SBA guidance is unjust to the lots of sole owners that received a smaller sized PPP loan than they would now be eligible for. We have actually heard from many Certified public accountants and small businesses that those who elected to obtain a PPP loan prior to the new assistance got a substantially smaller amount than those who submit an application today.”
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http://businessadministrationcertification.com/ppp-loan-due-date-to-use-modification/
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