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CPA Firms Seek Fewer PPP Loans as Economic Picture Brightens

March 8, 2021, 9:45 AM

Nearly 12,000 CPA firms received pandemic relief loans in the opening weeks of the latest round of the Paycheck Protection Program, representing a significant drop in demand from the government initiative’s peak last year.

The decline in applications from the accounting profession mirrors the overall slower pace and size of loans issued since the program relaunched in January. The Small Business Administration has approved 2.2 million loans totaling $156 billion so far—about a quarter the value of the 5.2 million loans issued last year. The number of CPA borrowers equals just a third of the nearly...

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