Almost Half of Small-Business Owners to Seek the Help of a CPA in Figuring Out the Application
Almost half of small-business owners will seek the help of a certified public accountant in figuring out their Paycheck Protection Program loan-forgiveness application, according to results from a poll released today by the nation’s leading small-business association.
“The PPP loan forgiveness application is complicated, and time is running out,” said NFIB Oregon State Director Anthony Smith. “When the program was first enacted by Congress, little was known about how long the coronavirus crisis would persist or how severely it would impact the small business economy. Clearly, eight weeks is not enough time, and businesses are still hurting. The U.S. House passed the Paycheck Protection Program Flexibility Act last week — and now the Senate has the opportunity to swiftly send this bill to the President’s desk, providing much-needed time and flexibility while businesses are struggling to reopen, rehire employees and welcome back their customers.”
According to NFIB’s report of the poll results, “The PPP loan forgiveness conditions require small-business owners to spend funds in an eight-week period starting the day they receive the loan. Qualifying expenses [payroll, rent, mortgage interest or utilities] paid within the eight weeks may be eligible for forgiveness.” Most small-business borrowers are currently in the middle of their eight-week forgiveness window, with some nearing the end of it. For 7 percent of those surveyed, that eight-week period ends before June 8; for 23 percent, it ends June 8-14, and then it starts to decrease in percentages over time. Sixty-seven percent of small-business owners have found the loan very helpful, 14 percent moderately helpful and 11 percent somewhat helpful.
Other findings from the poll include how much of the loan has been spent; applications for, and use of, Economic Injury Disaster Loans (EIDL); knowledge of the Federal Reserve’s Main Street Lending Program; and, if any employees have taken COVID-19-related sick leave.
“The majority of small businesses are still negatively impacted by the economic crisis. Adding flexibility to the PPP loan forgiveness is one thing our elected officials can do to ease the burden on small businesses nationwide.”
Keep up with the latest Oregon small-business news at nfib.com/oregon.