Small businesses in the U.S. are hurting, and many are hoping a federal stimulus deal will include a new round of Paycheck Protection Program loans.
On Monday, a bipartisan group of senators unveiled a $908 billion coronavirus relief package that includes a second PPP round.
Before the announcement, the American Institute of CPAs urged fast renewed funding of PPP and other relief programs.
Related: PPP Loan Forgiveness: SBA Offers Relief for Small Loan Recipients
“Small businesses, the engine of our economy, continue to struggle,” AICPA President and Chief Executive Barry Melancon said in a statement. “We strongly support Congress’s efforts to deliver more relief funding as soon as possible.”
CPA firms should be gearing up to assist small businesses whose survival depends on a new round of PPP funding, the AICPA and its business and technology arm, CPA.com, recommended, urging small businesses to reach out to their advisors.
Related: IRS: Business Expense Tax Deductions and PPP Loan Forgiveness Don’t Mix (Usually)