The Paycheck Protection Program has helped more than 78,000 small businesses in Louisiana continue paying their employees during the COVID-19 pandemic. Applying for these loans was the easy first step. These small-business owners now have to navigate a complex forgiveness process while also working to reopen their businesses and our economy for an uncertain future.
I know firsthand how complicated this process can be for most small businesses. As a CPA, my colleagues and I spent more than 100 hours interpreting the current forgiveness guidance for our clients.
Many small businesses simply do not have the time and resources to do the same, leaving them to make the tough choice of investing their limited time into making these complex calculations or investing their limited resources into hiring someone else to do it for them.
Luckily, a bipartisan group in Congress is working on another option by pushing legislation to streamline the forgiveness process for the smallest PPP recipients.
Louisiana U.S. Sens. Bill Cassidy and John Kennedy are part of this coalition and we should encourage our members of the House of Representatives to join their cause. Immediate congressional action will help small businesses and local economies continuing to battle the economic impact of the COVID-19 pandemic.