Though the first round of Paycheck Protection Program funding is spent, Congress is working to ensure small businesses get what they need during the shutdown. In this episode, Toni Lee-Andrews, director of the AICPA Professional Ethics Division, talks about the PPP and ethics with Ellen Goria, our associate director, and Iryna Klepcha, an independence and behavioral manager who has been on our hotline fielding your questions. Listen as they untangle some of the complications that can arise when you help your attest clients with this federal program.
What you’ll hear in this episode
The Professional Ethics Executive Committee's (PEEC's) position on questions related to the PPP:
What can I do for my clients?
How far can I go?
What do I need to document?
What about the agent fee?
Key parts of the application that require management responsibility.
Providing services to an applicant that is an attest client.
Definitions in the Code of Federal Regulations, do they apply?
How to avoid performing the function of an agent while receiving the PPP agent fee.
Obtaining a PPP loan from a lender who is an attest client.
Providing services to a lender who is an attest client.
How to approach staff augmentation arrangements.
When to refer to the Conceptual Framework for Independence and Nonattest Services subtopic of the AICPA Code of Professional Conduct.
How professional judgment applies.
The forgiveness component of the PPP loan.