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Rapid change, uncertainty to remain hallmarks of the profession


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The key tactic for CPA firms moving forward, and also what successfully guided many of them through the pandemic, is strategic prioritization, according to a panel of American Institute of CPAs and CPA.com leaders who led the keynote session Wednesday at the 2021 AICPA Engage conference.
The conference is being hosted in Las Vegas and virtually July 27-29. AICPA chair and panelist Bill Pirolli shared a story of speaking with a firm leader this past year who was overwhelmed with her workload. “It was difficult there in that critical period everything we were doing was critical to clients.” ....

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The Paycheck Protection Program Has a Problem. It Will Likely Run Out of Money Before May 31 Deadline


The American Rescue Plan passed in March appropriated an additional $7.25 billion to the PPP, bringing the total to nearly $292 million.
As of April 5, the Small Business Administration, which oversees the program, has approved nearly 4 million PPP loans worth about $224 billion, according to the agency. That means about $68 billion is left.
The idea of money running out hadn t been top of mind, at least in this round of the program, until just before the extension passed. In a March 24 hearing before the Senate Committee on Small Business Entrepreneurship, Patrick Kelley, associate administrator at SBA s Office of Capital Access, noted that the PPP had about $79 billion left, which would be exhausted by mid-April if applications continued at a similar pace. ....

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