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Senator Rick Scott Meets with CPAs to Focus on PPP Loans

United States Senator Rick Scott (R-FL) participated in a virtual town hall with the Florida Institute of Certified Public Accountants’ (FICPA) leadership and board members, including THF Shareholder and current FICPA Board member, Julian Dozier, on April 21, 2020. Also participating in the call was THF Director, Steve Stevens, former President of the FICPA’s Board.

Topics included:

  • The first round of Payroll Protection Program (PPP) funding;
  • Possible changes for a second round of PPP funding currently being negotiated in Congress;
  • The difficulty of smaller businesses getting funding under the CARES Act;
  • The impact of the statewide economic slowdown on “trailing” industries; and
  • The unique challenges facing some Florida businesses and nonprofits compared to the challenges experienced in other parts of the country and the national economy.

FICPA Board members proposed specific ideas to help Florida businesses and entrepreneurs navigate these challenging times and discussed with Senator Scott the impact of “safer at home” orders on CPA firms and their clients.

Other topics included:

  • Preexisting federal budget deficits and how these stimulus programs will be financed;
  • Suggestions to change the PPP program and target true “small businesses” especially Florida-based tourism businesses;
  • Tax filing deadline relief and adjustments;
  • The need to rehire employees later in the summer as opposed to immediately, in certain industries; and
  • Challenges with the 8-week spending period under the existing PPP loan program.

Senator Scott was attentive to the concerns that CPAs and their clients are facing, and the effect that Paycheck Protection Program (PPP) funding (or missed opportunities to receive PPP funding) is having on our state’s economy.

For more thoughts on this subject from your team at Thomas Howell Ferguson P.A. CPAs, see this recent update on additional PPP funding by Michael Kalifeh, THF Shareholder and Director of Tax Services.

 

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