Small Businesses and CPA Firms Should Prepare for New P3 Funds
“We encourage the 44,000 CPA firms affiliated with the AICPA to begin identifying clients who will meet the proposed criteria for the next PPP cycle.” Erik Asgeirsson, president and CEO of CPA.com, said in the statement.
They should start collecting key information, such as 2020 revenue, Asgeirsson said, and build PPP platform processes and capabilities. “Companies have a great opportunity to be much more proactive and strategic about how they support customers with this stimulus compared to the first cycle of PPP in April. “
During the initial PPP rollout, CPA firms were forced to put in place manual processes to serve clients and often operated with limited guidance, the statement said.
The AICPA, CPA.com and Biz2Credit, a fintech platform, want to offer better support this time around. In September, they rolled out the ACP’s corporate finance portal (located at CPALoanPortal.com), a financing platform to help practitioners guide small businesses through PPP loan cancellation, as well as any other small business financing option.
Since then, 37,000 business owners and some 7,000 CPA firms have used versions of the portal’s tools.
Once “PPP2” funding is cleared, the portal will be quickly updated to make processing loan applications efficient and aligned with the latest Guided Assistance, according to Asgeirsson.