Small business owners’ window of opportunity to secure Paycheck Protection Program (PPP) funding is closing quickly.
The program has nearly run out of money and applications are now limited to community financial institutions.
PPP loans were established at the height of the pandemic in 2020 and, as of May 17, $788 billion in forgivable loans had been granted to 11.1 million applicants.
In December, Congress renewed the program with a $292 billion allocation, expanded the list of eligible applicants, and allowed some businesses to return for a second round of funding. When the program was set to expire in March, lawmakers extended the deadline to May 31.
After a state commission that monitors municipal finances and approves borrowing pressured three towns to file long-overdue audits, two of those towns said the accounting firm they used was a source of the delays.
Wilkesboro and Ronda were years late in submitting annual audits and both used Rives & Associates for audit services. Rives & Associates changed its name this year to RH CPAs.
Accountants who used to work for the company told the Ronda town clerk in emails that management changes and company departures caused delays.
Initially, RH CPAs partner W. Leon Rives told Policy Watch the company had trouble getting financial information from the towns. Company spokesman Monty Hagler attributed the delays to complications that included “client factors that were beyond our control.”
School districts hired company for financial advice and auditing. CPA board says thatâs a conflict.
School s accountant had conflict of interest By Nick Ochsner | December 18, 2020 at 12:45 PM EST - Updated December 18 at 6:40 PM
CHARLOTTE, N.C. (WBTV) â A North Carolina accounting firm has come under fire from the state board that licenses certified public accountants for its practice of providing financial consulting and auditing services to the same clients.
The N.C. State Board of Certified Public Accountants entered into a partial consent order with Rives & Associatesâwhich is based in Lexington but has a large presence in Charlotteâin June over the conflict of interest.