When the Department of the Treasury and Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) many businesses saw an opportunity to stay open and their employees paid during this very difficult time.
There is no question that small businesses are the heart of our nation’s economy, and without them our road to recovery will be longer and significantly more difficult. I am inspired every day by the stories I hear about our profession’s tireless efforts to support small businesses everywhere. The AICPA is committed to our economic recovery, and I would like to provide some perspective to advance the understanding of the PPP.
The speed at which so many small businesses accessed PPP funds reflects a commitment to staying open, keeping employees paid and serving their community. Yes, there have been bumps in the road. Challenges are expected for a program of this magnitude and the speed at which it was made available. Since the launch of the PPP in April, the SBA has processed nearly four million loans, totaling more than half a trillion dollars. An extraordinary feat.
Unfortunately, the pendulum has shifted from can-do optimism to, for some, moral outrage. Now, millions of small businesses feel pressured to return money they received or question whether they should apply for PPP funds.
Business that see PPP funds as important to keeping employees and remaining viable should not be concerned about keeping or applying for PPP funds.From an article at AICPA.com posted by Barry Melancon, CPA, CGMA, President and CEO of the American Institute of CPAs (AICPA) and CEO of the Association of International Certified Professional Accountants.
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