Almost half of small-business owners to seek the help of a CPA in figuring out the application
OLYMPIA, Wash., June 2, 2020—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.
“Small-business owners from every corner of the state have raised concerns that Washington’s slow re-opening process is not lining up with the eight-week window to spend PPP loan proceeds,” said Patrick Connor, Washington state director for NFIB, which conducted the poll. “While most were thankful the loan allowed them to keep workers on payroll during the worst of the pandemic, too many now face the prospect of running out of money before they’re able to fully re-open and make the sales needed to keep paying those employees. Unless the U.S. Senate passes the Paycheck Protection Program Flexibility Act soon, many of the workers who received paychecks thanks to the PPP may not have jobs to return to.”
According to NFIB’s report of the poll results, “The PPP loan forgiveness conditions require small business owners to spend funds in an 8-week period starting the day they receive the loan. Qualifying expenses [payroll, rent, mortgage interest, or utilities] paid within the 8-week may be eligible for forgiveness.” Most small business borrowers are currently in the middle of their 8-week forgiveness window with some nearing the end of it. For 7% of those surveyed, that eight-week period ends before June 8, for 23% June 8-14, and then 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.
From Holly Wade, NFIB Director of Research & Policy Analysis
“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 Washington state small-business news at www.nfib.com/washington or by following NFIB on Twitter @NFIB_WA or on Facebook @NFIB.WA
For more than 77 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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