The American Institute of Certified Public Accountants and its business and technology arm, CPA.com, have launched a free Paycheck Protection Program loan forgiveness platform that automates the forgiveness process for small business owners who received funds from the PPP.
The platform, PPPForgivenessTool.com, is powered by fintech lender Biz2Credit and incorporates the PPP forgiveness calculator created by the AICPA in May.
The tool can be used by any business approved for a PPP loan, regardless of which lender or bank they worked with to receive funding, the AICPA said in a release.
Borrowers or their accountants can log onto the platform to fill out the forgiveness application; the tool produces all government-mandated forms automatically, which the PPP applicant can sign electronically. All required source documents also are included in a downloadable file that can be provided to lenders.
[More: A tale of two PPP loans]
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