Accounting
The Fastest Way to Get Relief Funds to Workers and Businesses – AICPA Proposal
The AICPA is proposing a system to help make sure small businesses can continue paying their employees quickly, efficiently and safely.
Mar. 22, 2020
On Sunday, March 22, 2020, the CEO of the AICPA sent out the following message to members of the association:
“Small businesses are the heart of the American economy, but many are struggling to make payroll right now as the country takes necessary steps to address the coronavirus pandemic. Treasury, the Small Business Administration and Congress must act quickly to protect small businesses and the people they employ – and we are leading the coalition encouraging them to do so.
The AICPA is proposing a system to help make sure small businesses can continue paying their employees quickly, efficiently and safely.
Together with Paychex, Intuit and the International Franchise Association, we are urging the administration and Congress to create a payroll fund that can be distributed to small businesses using the current payroll processing systems many companies use today.
In other words, small businesses can get payroll money they need fast by using the systems they already rely on, rather than waiting on Treasury or Congress to create a new distribution system
. We want to help the federal government move quickly and aggressively, as we know that many employees who are laid off will not be rehired immediately. Small businesses will wind down operations, and it will be difficult to cycle back up. Helping small businesses keep their employees on staff will shorten reopening times and help the economy recover more quickly when the virus threat passes.
Let’s make sure our nation and small businesses are ready to rebound. I encourage you to read more about our proposal on our Coronavirus Resource Center, where you’ll find even more information about how the AICPA is fighting for CPA firms, small businesses and the economy.
As always, thank you for all that you continue to do on behalf of the profession and the public interest.”
Sincerely,
Barry Melancon, CPA, CGMA
Chief Executive Officer
The Association of International Certified Professional Accountants