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 Paycheck Protection Program (PPP).
These are unprecedented times and the joint efforts of lenders and CPA firms are vital to assisting small businesses. Our 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.
Based on our collective discussions and our understanding of the intent of the PPP program, AICPA is making the following recommendations related to the firm – lender relationship.