Coronavirus (COVID-19)

Paycheck Protection Program (PPP), CARES Act & Business Guidance

Last Updated 8/5/20, 7:30 a.m.

The PICPA has been working daily to address the impact of the coronavirus outbreak. Check back frequently for updates.

Tips on Reopening Responsibly

Office Work Faces a New Normal - CPA Now
Office Opening Considerations Post-COVID - CPA Conversations
Return to Work Action Items - Arthur J. Gallagher & Co.
Return to Workplace Guide - Arthur J. Gallagher & Co.
Employer Considerations for Returning to Work - Arthur J. Gallagher & Co.
A Guide to Reopening Your Business - U.S. Chamber of Commerce

Discussion on Pennsylvania Department of Revenue Reopening (July 9, 2020)

Download Q&A Transcript

More from the Philadelphia DOR, Pa. DOR, and Pa. DOL

COVID-19 Recovery and the Philadelphia DOR: Live Discussion with Frank Breslin
July 28, 2020

COVID-19 and Pennsylvania’s Pandemic Unemployment Assistance Webinar
May 26, 2020

COVID-19 and Pa. Taxes: Discussion with the Pennsylvania DOR - Download Q&A Transcript
March 31, 2020

Disclaimer: All information in these recordings was current as of the time of the live webinars. The situation is rapidly changing, and the information shared in the webinar recording is subject to change.

Paycheck Protection Program Provisions

The Department of Treasury released the Paycheck Protection Program application and supplemental information on its website. The Small Business Administration resumed accepting applications on April 27, 2020.

NEW! SBA Releases Updated PPP FAQs
- Highlights of FAQ Updates - Journal of Accountancy
AICPA Provides Congress with Six Recommendations for Next Phase of COVID-19 Relief Legislation
AICPA and CPA.com Partner with Biz2Credit on PPP Loan Forgiveness Tool
Treasury, SBA ease path for loan forgiveness after outcry - Politico
- Updated PPP Loan Forgiveness Application
AICPA releases info on accounting for forgivable loans
Fed expands Main Street Lending Program
PPP forgiveness changes coming as Senate passes House bill
10 Takeaways on the PPP Loan Forgiveness Application
AICPA Offers Loan Forgiveness Calculator for Paycheck Protection Program
AICPA Interactive PPP Loan Forgiveness Services Matrix
AICPA challenging nondeductibility of PPP-related expenses
AICPA Recommendations PPP Application and Forgiveness Processes - April 28, 2020

Review the overview, application, borrower, and lender documents
- Updated FAQs from the U.S. Treasury
- Questions 46 and 47 have been added establishing borrower's "need" certification safe harbor amount of $2 million, and extending the loan payback date until May 18.
- AICPA Recommendations for PPP Application Documents for Lenders

Share the application and accompanying borrower guide.
Read the Small Business Administration's (SBA) interim guidance on the PPP issued on April 2:
- Applicable Affiliation Rules
- Interim Final Rule of Affiliation

Understand CPAs working as Agents for PPP applicants: review the AICPA's statement - updated guidance April 9

Contact your local banker to discuss the lender guide to ensure they are aware of program requirements

AICPA Coronavirus and PPP resources for CPAs - Updated on April 27 with guidance on the firm-lender relationship and a special report on issues related to CPA involvement in small business loans

Impact of Accepting PPP Agent Fees on Independence

Paycheck Protection Program - U.S. Chamber of Commerce

AICPA recommends using gross payroll to calculate PPP loan amounts

SBA Paycheck Protection Program Resources for CPAs

FAQs for Small Businesses - U.S. Senate Committee on Small Business and Entrepreneurship

More on the CARES Act

The CARES Act was signed into federal law on March 27, 2020, and provides emergency relief to workers, families, small businesses, and distressed industries.

Small Business Owner's Guide
CARES Act: Employee Retention Credit FAQs
CARES Act Analysis - Journal of Accountancy

Families First Coronavirus Response Act

This was signed into federal law on March 18, 2020, requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19.