Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Forgiveness of PPP loans.

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There are lots of details and nuances to the federal Paycheck Protection Program. I’m not up to speed on PPP so I won’t be commenting on the program, especially the forgiveness rules.

There is a growing volume of information on the ‘net describing the program. Here are some resources you can check out to learn more.

SBA forgiveness application

5/15/20 – Small Business Administration – Paycheck Protection Program Loan Forgiveness Application,” Small Business Administration, – The SBA published the text of the forgiveness application.

Commentary on forgiveness application

5/16/20 – Ed Zollars at Current Federal Tax Developments – PPP Loan Forgiveness Application and Instructions Released by SBA – A very long and veeeery detail explanation of the applicaiton and instructions.

5/16/19 – Tony Nitti at Forbes – SBA Releases Paycheck Protection Program Loan Forgiveness Application: A Deep Dive – Another helpful and detailed discussion.

There are still many unanswered questions. Keep you eyes open for more articles of interest.

Update: 5/19/20 – Batts Morrison Whales & Lee – SBA Issues PPP Loan Forgiveness Application and Instructions / Many Questions Answered – Some Lack of Clarity Remains – Another great explainer.

Other news

5/17/20 – Wall Street Journal – U.S. Expected to Revise Small-Business Aid Program – Speculation is for possible expansion of the 8 week time limit to spend funds and relaxation of BA’s 75% requirement for payroll costs.  Keep in mind those are guesses and possiblities.

Written by Jim Ulvog

May 19, 2020, 8:03 am at 8:03 am

Posted in Accounting, Other stuff

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