Sole Proprietorships Hurt by PPP Deadline and SBA Guidelines, Says AICPA

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the American Institute of CPAs (AICPA) today issued the following statement calling on the Small Business Administration (SBA) to extend the Paycheck Protection Program (PPP) application deadline and revise its latest guidelines to make them fairer for all:

“PPP has been a vital lifeline for many small businesses, especially the millions of sole proprietors who are the backbone of the US economy. Yet the SBA’s last-minute advice, coupled with the unrealistic March 31st The deadline for filing PPP applications has created unnecessary confusion and anxiety, ”said Barry Melancon, CPA, CGMA, President and CEO of AICPA.

“We strongly urge the SBA to revise its guidelines to be retroactive and to extend the PPP application window by at least 60 days so that everyone, including lenders, small businesses and CPAs who advise them, have sufficient time to adapt to policy and operational changes. challenges.

“The March 31 deadline just doesn’t make sense. Many PPP lenders have said they need at least a week to update their systems for this advice before accepting new requests. This gives small businesses less than two weeks to submit a complete and accurate application.

Additionally, the SBA guidelines are unfair to the many sole proprietors who have received a smaller P3 loan than they would now be eligible for. We have heard from many CPAs and small businesses that those who have chosen to apply for a PPP loan before the new guidelines received a significantly lower amount than those applying today. “



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