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‘We felt we had helped

clients relieve their anxiety,

knowing they had

someone in their corner

who can help them.’

Chad Allen, CPA/CITP, partner and director of audit and attest services at
Hutchins & Haake LLC in Overland Park, Kan.

president and CEO of CPA.com. “There were dire
circumstances for these businesses, and they called About the
their economic first responders, their CPAs.” Since author
then, “we’ve seen a permanent shift in how small Anita Dennis is a
businesses see their CPA firm,” he said. freelance writer
Here, we take a look back at the tumultuous based in New
rollout of the PPP, how it led clients to view CPAs Jersey.
as essential business partners, and how CPAs can
build on the relationships with clients they built
during the pandemic.

‘ECONOMIC FIRST RESPONDERS’
The first days of the PPP were an anxious time
wo years ago this month, the Coronavi- for firms and clients, said Carl Peterson, CPA,
rus Aid, Relief, and Economic Security CGMA, vice president–Small Firm Interests
T (CARES) Act, P.L. 116-136, was signed at the Association of International Certified
into law. The provisions of the CARES Act Professional Accountants, representing AICPA
included the Paycheck Protection Program (PPP), & CIMA. In the final weeks of what would have
a forgivable loan program administered by the U.S. been the busy season in a typical year, clients shut
Small Business Administration that was aimed down or went remote, and “many weren’t sure
at offering much-needed financing to smaller they were going to survive,” he recalled. To add
businesses, sole proprietors, and the self-employed, to the confusion, the facts and circumstances of
among others, to cover payroll and other essential numerous cases didn’t necessarily fit into the early
costs (see the sidebar “PPP: By the Numbers”). PPP rules. “Clients needed money right away, but
CPAs found themselves front and center in regulators had not yet published all the informa-
the effort to keep small businesses afloat during tion that firms needed to help them apply for
the pandemic as they helped clients apply for PPP relief,” Peterson said. “The pressure on firms was
loans and other business relief programs, put the unbelievable.”
financing to the best possible use, and gain loan CPAs look back on that period as stressful and
forgiveness. As they did so, clients came to see just challenging. When the program was first intro-
how much value their CPAs brought them. duced, “the phones didn’t stop ringing with clients
In the pandemic’s first 100 days, “10 years of looking for guidance,” said Tony Khait, CPA/
relationships were built,” said Erik Asgeirsson, PFS, the CEO and president of 33-employee

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