There is traditionally a lull in the accounting industry following the rush of each tax season. Unlike other years however, 2020 will continue to stay busy for CPAs due to PPP loans.
The Paycheck Protection Program (PPP) was established in March of 2020 and designed to protect small businesses during the COVID-19 pandemic. This created quite the hustle and bustle in the industry, with an even busier tax season than usual.
The PPP Loans and the Accounting Industry
The importance of accounting has remained true throughout the pandemic crisis as more and more businesses are seeking outside consultations regarding PPP management and overall fiscal health. It is crucial that businesses understand how they are being affected so they can plan their finances accordingly. Now that tax day has passed, many accounting firms will shift their focus towards educating their clients on the PPP application and loan process.
As a result, these PPP loans will continue to affect the accounting industry even into 2021, providing opportunities for new CPA work nationwide through the fall. Deadlines to apply for PPP forgiveness have been extended through the first week of August, creating more CPA opportunities in PPP applications and management.
The PPP Loan Extension
Still haven’t applied for PPP? There’s still time. According to the Small Business Administration, the Paycheck Protection Program still has over $130 billion left to assist struggling businesses. The final deadline the PPP loan application can be submitted is August 8, 2020. If you have questions or concerns regarding this information, an accountant on our team will gladly assist you!
Accounting Services in Orange County
At Hall & Company, we are an experienced Orange County CPA firm based in Irvine committed to providing quality tax and accounting services along with sound financial direction to clients throughout the Orange County and Southern California area. Our top OC accountants offer business development consulting, audit, tax preparation, IRS Audit, retirement planning, business roundtables, estate planning, QuickBooks consulting, Interim Chief Financial Officers, and a full range of traditional public accounting services. Contact our accounting team to learn more.