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The Paycheck Protection Program – A Retrospective and The Path Forward with Senator Jeanne Shaheen – Virtual

June 23 @ 11:30 am - 1:30 pm EDT

Biz2Credit, Paychex, Inc., and CPA.com today announced that they will co-host an online forum featuring U.S. Senator Jeanne Shaheen (D-NH), a leading advocate in the U.S. Senate for small business owners.

The Paycheck Protection Program – A Retrospective and The Path Forward with Jeanne Shaheen panel discussion will include time for the Senator to respond to audience questions from business owners, including many who have received government-backed funding through the PPP and now are applying for loan forgiveness.

Just how vital was PPP for the survival of small businesses? According to Melinda Kaye, who owns tekHouse, an IT consulting firm based in Tulsa, Oklahoma, the program was a lifesaver.

“After we applied for funds, it was about 3-4 weeks to get approved and receive funding. The loan forgiveness took about 4-5 months,” Kaye said. “PPP funding saved me. There’s no doubt about it.”

The second round of the PPP, which closed on May 28, was a success for millions of small businesses across the country. In total, approximately $800 billion has been distributed to America’s small businesses through nearly 12 million loans, reaching nearly every community around the country from New Hampshire to Hawaii and everywhere in between.

This online forum will give business owners a chance to hear from Sen. Shaheen, a co-author of the PPP, on how the Federal government and private industry have forged a collaboration to support business owners during the COVID-19 pandemic. She and her fellow panelists from the sponsoring companies will discuss how and why the PPP was successful in providing a financial lifeline to small businesses that were negatively impacted by shutdowns and reduced economic activity caused by COVID-19.

To register for the online forum on Wednesday, June 23, at 11:30 a.m. (EDT) / 8:30 a.m. (PDT), visit the Biz2Credit COVID-19 Webcast Center.

Key topics will include:

  • Understanding the approach of Congress in authorizing the PPP and the outcomes that small businesses are now seeing.
  • Learning what initiatives the Federal government is considering next that may provide further support to small business owners.
  • Learning from the American Institute of CPAs (AICPA) the vital role CPAs and accounting firms played in the success of PPP thus far.
  • Hearing the latest data insights from the Paychex |IHS Markit Small Business Employment Watch, an indicator of small business resilience during COVID-19.
  • Prepare for what’s coming next with Biz2Credit’s presentation of the future of business financing following the Paycheck Protection Program.
  • Q&A session with Sen. Shaheen, who will respond to business owner questions.

“We are honored to have Sen. Jeanne Shaheen participate in our event and speak to business owners who are still trying to recover from the tremendous disruption COVID-19 had on their companies,” said Rohit Arora, CEO of Biz2Credit, which organized the event. “This online forum offers information that will help small business owners better overcome the lingering economic challenges caused by the pandemic.”

The panelists will discuss the process of recovery from the devastating economic impact of COVID-19 on small businesses, particularly those owned by women and minorities.

  • Senator Jeanne Shaheen is the first woman in American history to be elected both a governor and a U.S. Senator. She is a trailblazer with a reputation for working across the aisle to get things done and is known for her common-sense leadership, hard work, and dedication to improving the lives of the middle class. She has served in Washington since 2009 and is a member of the Senate Committee on Small Business and Entrepreneurship and other important committees. Senator Shaheen will speak about government-backed programs for business relief in connection to the COVID-19 pandemic and the work she and her colleagues are doing on behalf of American small businesses.
  • Erik Asgeirsson, President and CEO of CPA.com, the business and technology arm of the American Institute of CPAs (AICPA), will speak about the AICPA’s work in assembling a coalition to support PPP implementation and the role CPAs have played in advising small business owners during this critical time. He also will talk about the AICPA coalition’s continuing efforts to help create a common approach to the PPP loan forgiveness process, including the development of tools to automate and simplify steps applicants must take. Erik will be joined by Michelle McVetty, CPA, a Partner at Cohos Advisors PLLC, based in Lancaster, NH and a member of both the AICPA and the New Hampshire Society of CPAs. She helped many small businesses secure PPP loans and is now advising them through the forgiveness process.
  • Frank Fiorille, VP of Risk, Compliance, and Data Analytics at Paychex, will discuss insights from the company’s 680,000 small- and medium-sized business customers and share data from the Paychex | IHS Markit Small Business Employment Watch, an indicator of small business resilience during COVID-19. He will also detail how Paychex has supported businesses throughout the pandemic with tools, resources, and guidance to navigate stimulus programs, HR challenges, and more. The stimulus support provided has helped Paychex clients maximize more $65 billion in PPP loans and $2.5 billion in Employee Retention and Paid Sick Leave credits.
  • Rohit Arora, CEO of Biz2Credit, will detail proprietary data from Biz2Credit’s Small Business Cash Flow Report, which has examined the effects of the PPP on small business performance during the COVID-19 pandemic. He will also talk about the status of PPP loan forgiveness, and the important role that SBA-approved FinTech companies played in the success of the Paycheck Protection Program. Rohit will be joined by Steven Pawlyk, owner of Innovative Performance Productions, a music organization based in Windham, NH.

Details

Date:
June 23
Time:
11:30 am - 1:30 pm EDT
View Event Website

Venue

Virtual
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