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FIRM PRACTICE MANAGEMENT

firm Eco-Tax Inc. in Brooklyn, N.Y. After the
PPP: By the numbers individual tax deadline was extended, Khait told
his people to shift immediately to the PPP and
Number of loans other business relief needs. “That gave us breathing
Total number of loans made: 11.45 million room,” he said. He held Zoom calls every morning
with the entire firm to keep them up to date on
Applications filed for forgiveness: 9.41 million
new PPP developments.
Number of forgiveness payments made: 9.29 million Chad Allen, CPA/CITP, partner and director
Dollar amounts of audit and attest services at nine-employee firm
Hutchins & Haake LLC in Overland Park, Kan.,
Amount of money allocated by Congress for the PPP: $953 billion dealt with a large volume of clients who worried
Total volume loaned: $790.8 billion that the available PPP funds in the first round
Amount sought in forgiveness applications: $680.8 billion would run out before they received any money.
Amount forgiven: $668.6 billion “That’s where the real stress came in,” he said.
Average loan size in 2020: $101,000 Combined with the frequent changes in guidance,
that uncertainty “made for a total nightmare for
Average loan size in 2021: $42,000
us, for the clients, and their banks,” he said.
Sources: Office of the New York State Comptroller, “The Paycheck Protection Program in New York Gwen Young, CPA, remembers the demand
City: What’s Next?”; and U.S. Small Business Administration (SBA), “PPP data.” Figures are for 2020 for PPP help coming in three waves at her firm,
and 2021 combined and are accurate as of Jan. 9, 2022. U.S. SBA, “Paycheck Protection Program Young & Wadlington PLLC in Lexington, Ky.
(PPP) Report.” Figures are for approvals through Aug. 8, 2020. U.S. SBA “Paycheck Protection
Program (PPP) Report.” Figures are for approvals through May 31, 2021. The first wave began immediately after shutdowns
started, with clients who were well informed about
the program and had made initial contacts with
their banks. For them, “it was a race to get in line,”
said Young, a partner at the firm. The next wave
of clients had initially decided they had enough
funds and cash flow to operate for a couple of
AICPA RESOURCES months, but as the pandemic wore on, they, too,
realized they needed help. As months passed, the
Articles firm also began to contact a “third wave” of clients
“7 Tips for Starting a Client Advisory Services Practice,” JofA, Aug. 1, 2021 who may have been uncertain if they were eligible
or had other misgivings about the program. Some
“How CPAs Helped Save Businesses During COVID-19,” JofA, Aug. 1, 2021
clients had been unable to get loans from large
“CPAs and the Historic Paycheck Protection Program,” JofA, June 21, 2021 banks with which they didn’t have strong relation-
Podcast episodes ships, so the firm successfully redirected them to
smaller, local banks.
“A PPP Loan Forgiveness Update and One CPA’s 2021 Reflection,” JofA, Despite the stress and uncertainty, CPAs’
Dec. 21, 2021
efforts assisting clients with the PPP were well
“The 4 Pillars of Starting or Growing a CAS Practice,” JofA, Oct. 21, 2021 worth it, Khait said. The PPP loans “were a
lifeline that saved many small businesses,” he said,

IN BRIEF called for quick thinking. more closely than before and received
■ As a result of firms’ assistance with the new insight into their businesses.
■ CPAs look back on helping clients PPP, many clients gained an increased ■ CPAs can build on the goodwill they
with the Paycheck Protection appreciation for their CPAs and saw they created during the pandemic by letting
Program (PPP). They recall it as a could offer more than just compliance their clients know about the advisory
tumultuous and stressful time that work. CPAs also worked with clients services they offer.

To comment on this article or to suggest an idea for another article, contact Courtney Vien at Courtney.Vien@aicpa-cima.com or
919-402-4125.

8 | Journal of Accountancy March 2022