Call for Immediate Action Regarding the SBA’s Paycheck Protection Program
The National Conference of CPA Practitioners is calling for immediate action regarding the Small Business Administration’s Paycheck Protection Program (PPP) as a number of larger businesses have received a majority of the funds.
In an open letter to Mnuchin and Carranza, NCCPAP President Neil H. Fishman, CPA, CFE, FCPA, CAMS and Co-chairs of the NCCPAP Tax Policy Committee, Stephen F. Mankowski, CPA, CGMA and Sanford E. Zinman, CPA wrote, “This PPP Loan program was designed to assist small businesses in retaining employees during the COVID- 19 crisis by providing business owners with funds to be able to retain and pay their employees while their businesses were affected by the current situation. While intended to be meant for small businesses, the majority of the funds have been given to larger business entities. Small businesses may never recover.”