On March 2, the AICPA urged federal lawmakers to extend the March 31 application deadline for Paycheck Protection Program (PPP) loans by at least 60 days.
This action follows reporting that numerous processing difficulties are hampering PPP loan applications to the US Small Business Administration. The SBA recently implemented validation checks and screenings designed to weed out fraud that are instead creating weeks-long delays as lenders and borrowers struggle to rectify error codes.
Another issue of concern was the announcement in late February by the Biden administration that it would institute a 2-week period during which only businesses with fewer than 20 employees would be apply for PPP loans, as well as other changes intended to target assistance to the smallest of small businesses. That period ends March 9.
You can read more about this issue in this Journal of Accountancy article.
If you have questions about this issue or other policy matters, please contact NCACPA Director of Advocacy Robert Broome, CAE.