The Accounting Podcast Is PPP Failing? We Get Answers from the AICPA
Sponsors
- Relay Finacial: https://cloudaccountingpodcast.promo/relay
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Links
AICPA statements
- AICPA plan to use payroll processors [press release update]
- Fees on PPP loan prep [press release]
Statements from the administration on PPP processing and/or disbursements:
- VP Pence on 4/7 saying 71B has been disbursed
- Kevin McCarthy on 4/8 on Fox News saying we got 70B out in two days and “this has been a very successful program when you look on every angle”
- Mnuchin said on 3/31 that “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day.”
Research
- According to the JPMorgan Chase Institute, about half of all small businesses have a cash safety net worth less than 15 days: https://institute.jpmorganchase.com/institute/research/small-business/small-business-cash-liquidity-in-25-metro-areas
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Transcript
Due to the COVID-19 pandemic, it's likely that almost all the banks in your area are closed, blocking you from opening any new accounts for your clients. Wouldn't it be great if you could open a new business bank account, 100-percent online, without having to go to a physical bank branch? Stay tuned to hear more from our sponsor, Relay Financial, later in the episode.
Erik Asgeirsson: [00:00:20] Your poll is absolutely accurate. If, actually, you'd asked me what percentage, I would've guessed below five percent because I think it probably is below five percent, right now. There's very few banks that have started distributing funds. There are some that have ...
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This episode of The Cloud Accounting Podcast is sponsored by ClockShark. Back in October of 2013, I became ClockShark's first Twitter follower. Today, ClockShark has grown into a highly rated and very-much-loved time-tracking app that is now used by over 5,000 small businesses globally. With features like crew tracking, scheduling, overtime notifications, routes, geofencing locations, job costing, budgeting, and reporting, ClockShark has built a robust mobile time-tracking app to handle the unique challenges that face your mobile workforce clients.
Their technology has been helpful as their clients work through the COVID-19 pandemic. Your clients will need accurate records of their expenses, and losses, and technology like ClockShark helps. With ClockShark, your clients can keep accurate records, like paid time off, and other important data to provide the necessary proof for CARES, and FFCRA Acts' benefits. This lets them get straight back to work without too much disruption after the pandemic has passed. ClockShark's standard plan is just $6 a month per employee. Head over to cloudaccountingpodcast.promo/clockshark. That is Cloud Accounting Podcast dot promo forward slash C-L-O-C-K-S-H-A-R-K.
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This episode of The Cloud Accounting Podcast is sponsored by BQE Core. As firms everywhere are positioning themselves to work remotely, BQE Software is committed to supporting you and your employees during this critical time. BQE's Cor...