CPAs Seek Assurance of Payment for Covid-19 Loan Services

Accountants should check that banks will pay their fees before helping their small business clients apply for a second round of coronavirus relief loans or else stick with a traditional consulting services agreement.

The American Institute of CPAs issued updated guidance Thursday on the fees that accountants may collect to cover their services advising and assisting clients with the federal-backed loan applications for the Paycheck Protection Program.

If the bank agrees to pay the CPA or firm, accountants should document and disclose that to the client and describe the services that they will provide including compiling payroll reports, calculating monthly ...