Thousands of tax prep shops, bookkeeping companies, CPA firms, and payroll services take emergency loans, promising to save over 200,000 jobs.
By CPA Trendlines Research
Some 6,610 tax, accounting, payroll, and bookkeeping firms have so far received millions of dollars in Small Business Administration Paycheck Protection Program loans, potentially saving over 210,613 jobs, according to new data obtained by CPA Trendlines Research.
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The leading borrowers have all been CPA firms – each collecting $5 million to $10 million against a promise to save 10,298 jobs, more than half of the entire industry headcount threatened by the pandemic-fueled economic crash.
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