The Maryland Association of CPAs has joined a statewide coalition of business organizations that is urging Congress to act swiftly on behalf of America’s small businesses and is dedicated to helping Maryland’s economy successfully reopen in a post-COVID-19 world.
The MACPA has joined forces with the Maryland Chamber of Commerce, the Maryland Bankers Association, and a number of other business-centric organizations to urge congressional leaders to provide additional funding to the Small Business Administration’s Paycheck Protection Program.
The PPP, which is designed to be an incentive for small businesses to keep their workers on the payroll, officially ran out of money on April 16. Congress, meanwhile, has been debating the possibility of adding $250 billion in additional funds into the program.
“With reports that the PPP’s funding has run dry, it is clear Congress must take quick and decisive action,” MACPA President and CEO Tom Hood said in a letter to congressional leaders. “Supporting and stabilizing small businesses is essential to our nation’s economic recovery. Without additional funding, many private companies will be forced to lay off employees and many face bankruptcy as their options dwindle fast.”
“The time to act is now,” the Maryland Bankers Association added in a statement. “Despite the challenges of creating and rolling out this unprecedented program in a matter of days, bankers have been working around the clock to meet the needs of Maryland’s small businesses, and we are seeing results. Nearly 1.5 million applications nationally have been approved, including more than 12,000 in Maryland. These approved loans have begun to be funded. But to meet the overwhelming demand among small businesses whose applications have not yet been completed or are in the pipeline and not yet approved, additional funding for the PPP is needed.”
The MACPA and other members of the coalition also are offering Maryland Gov. Larry Hogan guidance on how to initiate a successful economic recovery and support Maryland’s businesses in a post-COVID-19 world. With signs in some areas pointing to a peak in new cases of the illness, many states are joining forces to discuss strategies for a phased and deliberate approach to reopening their economies. As experts in the language of business, Hood said CPAs are well positioned to offer insights and advice on how to put those strategies in place.
“In an effort to support our state’s struggling small businesses, the MACPA is soliciting input from CPA experts across Maryland to develop suggestions on how to assist Maryland job providers,” Hood said. “Our hope is that these recommendations can help Maryland businesses survive the existing challenges and assist them in reopening their doors and ramp back up when the state determines it is once again safe to do so.”
Members of the coalition include the following organizations:
- Maryland Chamber of Commerce
- NFIB Maryland
- Maryland Retailers Association
- American Council of Engineering Companies, Maryland
- American Property Casualty Insurance Association
- Maryland Association of CPAs
- Maryland Building Industry Association
- Maryland Hotel and Lodging Association
- Maryland Motor Truck Association
- Maryland Society of Accounting and Tax Professionals
- Maryland Tech Council
- Mid-Atlantic Petroleum Distributors Association
- NAIOP: Commercial Real Estate Development Association, Maryland Chapter