Small business funding platform Biz2Credit announced on Tuesday it is teaming up with the American Institute of Certified Public Accountants (AICPA), its business and technology arm, CPA.com, to launch a new small business funding platform, CPALoanPortal.com. According to Biz2Credit, the platform was created to help with the process for CPA firms advising small businesses both on loan forgiveness under the Paycheck Protection Program (PPP) and additional small business financing options.
Biz2Credit also explained that the platform adds new CPA-centric capabilities to the automated PPP loan forgiveness tool the companies introduced in July that has been used by over 30,000 borrowers and more than 5,000 CPAs and financial professionals.
“[The platform] incorporates the PPP forgiveness 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 calculations on payroll and other expenses, and produces a master report with the applicant’s electronic signature that can be delivered to the underwriting lender.”
The basic loan forgiveness tool is included in CPALoanPortal.com, with enhanced functionality now available specifically for CPA firms to support clients more efficiently. These features include:
- Functionality that allows firms to easily aggregate clients, customize engagements and track progress on loan and financing applications
- Integration to additional lending options for clients
- Enhanced customer service for CPA firms
Two subscription tiers, premium and enterprise, are also available based on the number of users and volume of loan applications a firm is managing. The original basic loan forgiveness application service remains free. Speaking about the platform, Biz2Credit CEO Rohit Arora, added:
“The PPP loan forgiveness process is only the start of the journey to recovery for many small businessesMany will need continued support and sound financing as the economy continues to slowly recover from the impact of the pandemic. That’s why the additional lending options we’re providing in CPALoanPortal.com are critical. It’s also crucial that CPAs play a key role in guiding small businesses through these decisions, particularly when it comes to financing. We’re committed to helping firms serve their clients better at this critical time and in the future.”