Accountants now have a new tool, CPALoanPortal.com, to provide payment protection program advisory services to their clients. The platform is designed to help businesses assess their eligibility for PPP loan forgiveness and comes in response to the current coronavirus crisis that has forced many businesses to seek lending solutions to get through this time.
CPALoanPortal.com is the result of a joint effort between the American Institute of CPAs, CPA.com (the technology arm of AICPA) and Biz2Credit, which provides solutions for small business loans. The portal is an evolution of Biz2Credit’s PPPforgivenessTool.com platform, with new CPA-centric features added. It incorporates the PPP rebate calculator developed by the AICPA and is available to any business approved for a PPP loan. The platform produces all government forms required under the PPP program, supports payroll calculations and other expenses, and produces a master report with the applicant’s electronic signature that can be delivered to the underwriting lender. .
Special features include:
- Functionality allowing companies to group clients, personalize commitments and monitor the progress of loan and financing requests;
- Integration with additional loan options for clients; and,
- Improved customer service for CPA firms.
Two subscription levels, premium and business, are available depending on the number of users and the volume of loan requests handled by a business. The original basic loan remission request service remains free.
“Companies are looking to have a process and a tool to manage a large volume of different customer forgiveness applications,” said Erik Asgeirsson, president and CEO of CPA.com. “Their clients have gone to many different lenders. With CPALoanPortal.com, they have a centralized approach with a dashboard to manage all clients, a visual on where they are in the loan delivery process, a process for receiving source documents. You can preview whether a customer owes money or not, and go back to see if all relevant data has been included in the app. It is necessary to manage this process – you cannot do it with pen and paper or with Excel, it is too complex.
Biz2Credit CEO Rohit Arora sees a future of accelerated digital adoption, driven in part by the COVID-19 pandemic.
“It’s important to have cutting edge digital capabilities now,” he said. “No one comes to meet you face to face for a very long time. Every loan over $ 2 million will be audited, and there are already over a million loans of $ 150,000 and up at stake. Businesses won’t be able to get around these numbers unless they pass. to digital. It is crucial that CPAs play a key role in guiding small businesses in these decisions, especially when it comes to financing.
For more information visit CPALoanPortal.com. The site contains FAQs and other details on signing up for the new service.