Managing Partner Talks PPP Reform with Richmond Times-Dispatch

By Keiter CPAs

Managing Partner Talks PPP Reform with Richmond Times-Dispatch


Firm managing partner explains the need for Paycheck Protection Program (PPP) reform and the burden of the program on businesses with Richmond Times-Dispatch

Keiter Managing Partner Gary Wallace discussed the burden of the PPP loan forgiveness process on business owners and why Congress and Secretary Mnuchin must act on PPP reform.

“Congress and Secretary Mnuchin must act on PPP reform” Excerpt:

Gary Wallace CPA - Virginia Corporate Restructuring CPA

COVID-19 has ravaged the U.S. economy unlike any previous crisis our country has faced. The historic 32.9% gross domestic product contraction during the second quarter of this year illustrates just how dire the situation has been for the business community. That is why the passage of the Paycheck Protection Program (PPP) earlier this year was welcome news to businesses. PPP provided an essential backstop for employers, which avoided millions of U.S. citizens having to file for unemployment. Whereas the final tally on how many jobs were saved might take years to  alculate, I unequivocally can say that PPP has been crucial for many business owners I know.

Despite that fact, and its rocky rollout, PPP carries with it a tremendous burden for many businesses that both Treasury Secretary Steven Mnuchin and Congress immediately must fix.”

Access the full article.

Source: Richmond Times-Dispatch

Our advisors are closely monitoring updates and changes to PPP guidance as well as the business impacts related to COVID-19. We are here to provide valuable resources as well as sound advice and strategies to move your business forward through this economic downturn.

If you have any questions, please contact a Keiter Representative. We are here to help.

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Keiter CPAs

Keiter CPAs

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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