AICPA PPP Loan Forgiveness Matrix; PPP FAQs Updated; Form 941 Draft
Tuesday, May 5, 2020
Posted by: Ann Lupo
AICPA Paycheck Protection Program (PPP) Loan Forgiveness Matrix
The AICPA just released a new resource to help you navigate through various engagements or other services around documenting expenses related to PPP forgiveness – the PPP Loan Forgiveness Services Matrix.
To make it even more valuable, AICPA’s Firm Services/PCPS team has embedded links into the matrix that connect to sample letters for various engagements and documentation, along with links to guidance that CPA firms should consider for each type of service and the relationship they have with the client.
The AICPA anticipates making updates to the contents of this resource to incorporate future changes related to the PPP loan forgiveness process; AICPA Professional Standards; and best practice recommendations, as necessary. In addition, the AICPA's Firm Services/PCPS team continues to post new tools regularly to its SBA PPP resources page.
PPP Loans FAQs Updated
The Small Business Administration (SBA), in consultation with the Department of the Treasury updates this document on a regular basis. Refer to the footnote dates to see the most recent questions added.
New Form 941 Draft
This is an early release of IRS Draft Form 941 for the CARES Act changes which the IRS is providing for your information.
Proclamation 52 JBE 2020
On April 30, Gov. Edwards formally extended Louisiana’s stay at home order until May 15.
Questions about the content of this Alert should be directed to LCPA State Government Relations Director Linda Babin.