The American Institute of CPAs (AICPA) offered recommendations for the firm-lender relationship related to CPA firms assisting clients in the Paycheck Protection Program (PPP), the small business relief initiative created under the CARES Act.
The AICPA is making these recommendations after discussions with lenders, other stakeholders and the AICPA-led small business funding coalition, which represents members who provide services and support to over 3.5 million businesses that employ more than 75 million people.
The recommendations, which will be posted on aicpa.org, cover the PPP application process and firm – lender relationship.
The American Institute of CPAs, after discussions with the AICPA-led coalition and key banking leaders and stakeholders, is working to drive a common understanding and approach around the firm – lender relationship related to the implementation of the PPP.
These are unprecedented times and the joint efforts of lenders and CPA firms are vital to assisting small businesses. The overall objective is to help drive an effective PPP application process that quickly directs relief funds into the hands of small business owners and their employees.
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