SBA

Payroll giant Paychex is partnering with Biz2Credit, Fundera and Lendio to help small businesses apply for the new funding offered by the U.S. Small Business Administration’s Paycheck Protection Program.

Treasury Secretary Steven Mnuchin says the additional funding Congress approved Thursday to help small businesses survive the coronavirus pandemic should be the last round, but advocates fear it’ll run out quickly and won’t be enough for mom-and-pop shops struggling to stay open.

While the new stimulus package provides much-needed additional funding for the Paycheck Protection Program, it made no significant changes to the process of qualifying for a loan.

Major changes are required in client services, delivery models, staffing practices and management.

Almost 1.2 million applications have been made since the launch of the program on April 3.

Small businesses are dealing with frustrating delays and changing guidance in applying for and receiving help from the Small Business Administration in its new Paycheck Protection Program.

PayPie is offering access to its network of Small Business Association-authorized lending partners to businesses seeking funds through the SBA Payroll Protection Program during the COVID-19 pandemic and economic slowdown.

Those of us that were early movers now have to re-apply using the new, “streamlined” EIDL application platform provided by the SBA.

The American Institute of CPAs has posted a set of frequently asked questions and answers aimed at helping CPAs and their clients with tax filing and tax relief in response to the novel coronavirus pandemic, while pointing out the various shortcomings in the federal government’s response.

Accounting and tax professionals are especially in the throes of the evolving situation as federal and state governments discuss how they will provide relief to struggling families and American businesses.