The American Institute of Certified Public Accountants (AICPA) is calling on the Small Business Administration (SBA) to extend the Paycheck Protection Program’s (PPP) March 31 loan application deadline.
The trade association, which represents more than 431,000 members in the United States and worldwide, believes Congress can still support small businesses and nonprofits by pursuing a stand-alone vote on this issue.
Barry Melancon, AICPA’s president and CEO, said: “We thank Congress for its ongoing bipartisan support of the PPP, which is a valuable lifeline to millions of small businesses and nonprofits. However, too many small, underserved and minority-owned businesses continue to face serious challenges with the PPP application process.
“The accounting profession believes that Congressional action now to extend the looming deadline will help ease Main Street America’s anxiety and frustration. The PPP process issues are many. It is well documented that small businesses, nonprofits and the CPAs who advise them are experiencing error codes when submitting a PPP loan application.”
He added: “We continue to provide input to the SBA about these problems and are hopeful more progress will be made soon. We applaud the Biden administration’s efforts to make PPP more inclusive and accessible to under-served businesses.
“However, these changes make it even harder for the smallest business entities – the self-employed and independent contractors – to meet the March 31 deadline. The SBA has not even released the new rules for these changes.”