News

News (1924)

AICPA, CPA.com and Biz2Credit Launch New Platform for Small Business Funding

The American Institute of Certified Public Accountants (AICPA), its business and technology arm, CPA.com, and fintech leader Biz2Credit today announced they are teaming up on a new platform, CPALoanPortal.com, to streamline the process for CPA firms advising small businesses both on loan forgiveness under the Paycheck Protection Program (PPP) and additional small business financing options that clients may need to fund growth.

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Loan Forgiveness Might Be Unattainable for Many Businesses

Small businesses might find it hard to navigate the Paycheck Protection Programs forgiveness program, reports the Cleveland Business Journal.

Development consultant Alrich Lynch has a Paycheck Protection Program loan — and now he has a forgiveness problem.

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Paycheck Protection Program Flounders

According to Politico, the Payroll Protection Program is running into problems as the program struggles to convert the loans into grants that can be forgiven.

When the government pledged to give small businesses billions of dollars in rescue loans during the pandemic, it was an offer almost too good to refuse: The loans could be forgiven if employers only maintained payroll

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Helping Small Business Navigate Disaster

After a disaster small businesses could engage a public adjuster; a professional that will help them navigate the insurance process, reports USA Today.

The morning of Sept. 9 started out as any other for Brian Garrison, owner of Garrison’s Home and Garrison’s Sleeper in Southern Oregon. Just a few hours later, he saw two of his four stores burned to the ground in a fire that swept through the Rogue Valley, Oregon.

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Business Executives See Improved Prospects for Their Own Companies but Report Little Confidence in U.S. Economy Overall, AICPA Survey Finds

U.S. business executives are feeling more optimistic about expansion plans and the outlook for their own companies over the next 12 months, yet still harbor deep concerns about the strength of the U.S. and global economies in the midst of a worldwide pandemic, according to the third-quarter AICPA Economic Outlook Survey. The survey polls chief executive officers, chief financial officers, controllers and other certified public accountants in U.S. companies who hold executive and senior management accounting roles.

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PPP Funds Not Distributed Equally

Black business owners didn’t have an equal opportunity to receive Paycheck Protection Program funds, reports Brookings Institute.

Congress’s major COVID-19 relief program for small businesses, the Paycheck Protection Program (PPP), has so far distributed 5 million loans across the country. That distribution, however, has not been equal.

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More Small Business Funding Could Be On the Way

Republicans are pushing to get more aid to small businesses, reports CNBC.

House Republicans will attempt to quickly force a vote on a bill to replenish a key coronavirus small business aid program, according to congressional aides.

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USPS Problems Hurt Businesses

According to Vox, the USPS shipping delays are harming small businesses. 

Sofi Madison’s Boston gift shop Olives & Grace has been struggling for the past few months. First came the pandemic, then constant shipping issues. 

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Justice Department Goes After Scammers

According to the New York Times, the Justice Department will seek charges against 57 people accused of stealing from the Paycheck Protection Program. 

The Justice Department said on Thursday that it had charged 57 people with trying to steal more than $175 million from the Paycheck Protection Program to help small businesses during the coronavirus pandemic as questions swirled about how its funds were disbursed.

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Business Still Confused About Expenses

As the deadline to file third quarter estimated taxes looms, many small businesses are still uncertain how to treat expenses related to the PPP forgivable loan, reports CNBC. 

A key tax deadline is just around the corner, and small-business owners who are in distress are still uncertain of what they’ll owe the IRS.

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