Keep up with all SCACPA updates specific to the COVID-19 situation at https://www.scacpa.org/covid-19-response-and-resources.
The PPP Loan Forgiveness Services Matrix is a new AICPA tool to help CPAs navigate their engagements or other services around documenting expenses related to PPP forgiveness.
The AICPA’s Firm Services/PCPS team has embedded links into the matrix that connect to sample letters for various engagements and documentation, along with links to guidance that CPA firms should consider for each type of service and client relationship.
This URL for this “one-stop shop” to help small business clients will always link to the most updated version of the document:
The Firm Services/PCPS team of the AICPA is posting other new resources regularly to their PPP Resources Center.
PPP Loan Forgiveness Services Matrix is part of the AICPA’s COVID-19 Resource Center.
From April 27: A two-page memo of additional recommendations for CPAs who are navigating the Paycheck Protection Program to assist clients has been developed by the AICPA.
The recommendations focus on the firm-lender relationship in the PPP application process.
The information is summarized in this Journal of Accountancy article, “AICPA addresses CPA firm-lender issues related to PPP” (April 24, 2020).
Center for Plain English Accounting Has Special Report for Firms
In addition, the AICPA’s Center for Plain English Accounting produced a 7-page special report on issues related to CPA involvement in small business loans under the PPP, dated April 22. The CPEA is a great resource for firms – it’s the AICPA’s national A&A resource center, and this report covers:
- independence
- conflicts of interest
- contingent fee issues
It includes practice notes, and CPEA observations, which should be useful to practitioners as they work through numerous questions and practice issues.
