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Accounting Industry Concerned With PPP “ Loan Need Questionnaires ”

Accounting Industry Concerned With PPP “ Loan Need Questionnaires ”

The coalition shows that existing PPP Forgiveness Applications – especially, SBA Forms 3508, 3508EZ and that is 3508S remain utilized simply because they “…allow the agencies to look at, in increased detail and ahead of the approval of loan forgiveness

The United states Institute of CPAs (AICPA) and over 80 extra companies have expressed concern about the Paycheck that is new Protection (PPP) “Loan Necessity Questionnaires.” The questionnaires (SBA Forms 3509 & 3510) had been recently founded by the Department of Treasury (Treasury) and also the small company management (SBA) and need PPP borrowers with loans of $2 million or greater to perform a brand new form and offer substantial, burdensome paperwork supporting their ask for relief funds.

In letters to House Representatives Nancy Pelosi and Kevin McCarthy, Senators Mitch McConnell and Charles Schumer

Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza, the coalition, which represents an incredible number of US employees and small enterprises, implies that current PPP Forgiveness Applications – specifically, SBA Forms 3508, 3508EZ and 3508S – should keep on being utilized simply because they “…allow the agencies to look at, in increased detail and before the approval of loan forgiveness, appropriate facts to ensure the PPP loan funds had been utilized in how Congress meant.”

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