Cloud Solution Incorporates Enhanced Administrative Capabilities to Manage PPP Loan Forgiveness and Provide Lending Solutions to CPA Clients
The American Institute of Certified Public Accountants (AICPA), its business and technology arm, CPA.com, and fintech leader Biz2Credit announced they are teaming up on a new platform, CPALoanPortal.com, to streamline the process for CPA firms advising small businesses both on loan forgiveness under the Paycheck Protection Program (PPP) and additional small business financing options that clients may need to fund growth.
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“The PPP loan forgiveness process is only the start of the journey to recovery for many small businesses”
The platform adds new CPA-centric capabilities to the automated PPP loan forgiveness tool (PPPForgivenessTool.com) the companies introduced in July that has been used by over 30,000 borrowers and more than 5,000 CPAs and financial professionals so far. It incorporates the PPP forgiveness calculator developed by the AICPA and is available to any business approved for a PPP loan. The platform produces all government forms required under the PPP program, supports calculations on payroll and other expenses, and produces a master report with the applicant’s electronic signature that can be delivered to the underwriting lender.
The basic loan forgiveness tool is included in CPALoanPortal.com, with enhanced functionality now available specifically for CPA firms to support clients more efficiently. These features include:
- Functionality that allows firms to easily aggregate clients, customize engagements and track progress on loan and financing applications
- Integration to additional lending options for clients
- Enhanced customer service for CPA firms
Two subscription tiers, premium and enterprise, are available based on the number of users and volume of loan applications a firm is managing. The original basic loan forgiveness application service remains free.
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