AICPA calls for extension of PPP deadline citing continued business challenges and confusion with loan application processes
WASHINGTON–(BUSINESS WIRE)–The American Institute of CPAs (AICPA) today called on Congress to extend the Paycheck Protection Program (P3) loan application deadline to March 31. The AICPA believes Congress can still support small businesses and nonprofits by pursuing a stand-alone vote on this crucial issue, even if the COVID-19 congressional stimulus package does not include an extension.
“We thank Congress for its continued bipartisan support for PPP, which is a valuable lifeline for millions of small businesses and nonprofits. However, too many underserved and minority-owned small businesses continue to face serious challenges with the PPP application process. The accounting profession believes that congressional action to extend the upcoming deadline will help allay the anxiety and frustration of Main Street America, ”said Barry Melancon, CPA, CGAM, President and CEO of the AICPA. “The problems associated with the PPP process are numerous. It is well documented that small businesses, nonprofits, and CPAs that advise them encounter error codes when submitting a PPP loan application. We continue to provide information to the Small Business Administration (SBA) on these issues and hope that further progress will be made soon. ”
Melancon added: “We applaud the efforts of the Biden administration to make P3s more inclusive and accessible to underserved businesses. However, these changes make it even more difficult for smaller business entities – self-employed workers and independent contractors – to meet the March 31 deadline. The SBA hasn’t even released the new rules for these changes. An extension of the deadline of at least 60 days would give these underserved small businesses time to understand these new guidelines and also give the ASB more time to correct these error code issues. ”
About the American Institute of CPAs
The American Institute of CPA (AICPA) is the world’s largest member association representing the CPA profession, with over 431,000 members in the United States and around the world, and a history of serving the public interest since 1887 AICPA’s members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and US auditing standards for private companies, nonprofits, and federal, state, and local governments. It develops and assesses the CPA Uniform Exam, delivers specialized credentials, builds the pipeline of future talent, and stimulates the development of professional skills to advance the vitality, relevance and quality of the profession.