The institute released guidance on how to account for forgivable loans under the Small Business Administration’s Paycheck Protection Program.
After initially processing the loans manually, the Minnesota bank turned to "low code" software to build the electronic forms and workflows needed to approve loan applications. The result: a more than fivefold increase in the number of loans it could process in a day.
Accountants, as well as lawyers and consultants, who helped small businesses apply for emergency relief funds through the Paycheck Protection Program want to be compensated. Are they entitled to be?
A fresh look at the Paycheck Protection Program suggests other ways businesses may want to think about it.
Small businesses have run into roadblocks trying to apply for PPP loans since the pandemic triggered mandatory closures.
The bill, which passed the House last week on a 417-1 vote, now heads to President Donald Trump’s desk for his signature.
The payroll provider has been partnering with accountants to help them secure loans for their small businesses.
The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.
Senate Majority Leader Mitch McConnell will attempt to expedite approval of changes to the popular Paycheck Protection Program aimed at giving small businesses more flexibility in using the money from the fund, according to Senate aides.
The latest update adds a loan forgiveness estimator and PPP-specific reports to QuickBooks Online, among other tools.