PPP Borrowers Should Act Fast, Expect More Scrutiny: AICPA

"Small businesses should expect more scrutiny in this round of PPP applications," said Erik Asgeirsson, president and CEO of CPA.com, in a Wednesday statement. "The SBA is doing more vetting for potential fraud and in some instances is asking for more validation. It's important that businesses and their advisors get it right, so that applications don't get held up and pushed back in the queue. That's why we think it's vital that firms use the more robust set of tools that are available now."

AICPA President and CEO Barry Melancon added in the statement that "All indications, based on input from the Treasury and SBA, is there will be enough funding to meet all of the 'first draw' and 'second draw' PPP applications, so firms can help alleviate concerns their clients may have."

The AICPA, CPA.com and fintech leader Biz2Credit in September launched a financing platform for CPA firms, the CPA Business Funding Portal, to help practitioners as they assist small businesses through PPP loan forgiveness.

The portal has been updated to accept so-called PPP2 applications and more than 3,000 applications have already been prepopulated, the groups said.

— Related on ThinkAdvisor:

• New PPP Loans: Questions and Answers
• IRS: Expenses Paid With PPP Loan Funds Are Now Tax-Deductible