Biz2Credit to Host Forum with U.S. Senator Susan Collins on PPP Successes and Lessons Learned on Thursday, July 2
Biz2Credit, Paychex, Inc., and CPA.com today announced that they will co-host an online forum featuring U.S. Senator Susan Collins (R-ME), the co-author of the Paycheck Protection Program (PPP) and a leading advocate in the U.S. Senate for small businesses.
Titled, The Paycheck Protection Program (PPP): A Retrospective and The Path Forward, the event will include time for Senator Collins to respond to audience questions from business owners, many of whom have received funding through the PPP.
The PPP was created through the Keeping American Workers Paid and Employed Act, introduced by Senator Collins and fellow Senators Marco Rubio (R-FL), Ben Cardin (D-MD), and Jeanne Shaheen (D-NH). Its aim was to help small employers continue to keep paying their workers during the COVID-19 pandemic. These loans were designed to be forgiven so long as employers keep their workers on payroll. Certain overhead expenses, including rent, group health insurance premiums and utilities, were also included. This landmark legislation was included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act and signed into law on March 27, 2020.
The PPP, which closes for new applications on June 30, has so far distributed over $513 billion to more than 4.7 million small and mid-sized businesses from Maine to Hawaii, and every state in between.
“We are honored to have Senator Susan Collins agree to join our event to speak to the business owners who have benefitted from this unprecedented government program. This unique online forum featuring Senator Collins and speakers from three leading business service providers gives business owners a chance to hear how the Federal government and private industry are collaborating to support business owners during the COVID-19 pandemic,” said Biz2Credit CEO Rohit Arora, who organized the event.
To register for the online forum with Senator Collins on Thursday, July 2, at 11:00 a.m. (EDT) / 8:00 a.m. (PDT), visit the Biz2Credit COVID-19 Webcast Center.
Senator Collins and other panelists will discuss the success of the PPP that provided a financial lifeline to small businesses that were negatively impacted by shutdowns and reduced economic activity caused by the COVID-19 pandemic.
- Senator Susan Collins, Maine’s senior U.S. Senator, will discuss PPP outcomes for business owners, as well as future initiatives to assist small businesses financially that the government is considering at this critical moment. She will answer questions submitted by business owners at the end of her presentation. The Senator’s prepared remarks are expected to last 15 minutes, including time for responding to business owner questions. Ranked the nation’s most bipartisan Senator, Susan Collins is a leader on issues including the economy and small business, defense, national security and veterans, education, healthcare, senior issues, and transportation.
- Erik Asgeirsson, President and CEO of CPA.com, the business and technology arm of the American Institute of CPAs (AICPA), will speak about the AICPA’s work in assembling a coalition to support PPP implementation and the role CPAs have played in advising small business owners during this critical time. He also will talk about the AICPA coalition’s continuing efforts to help create a common approach to the PPP loan forgiveness process, including the development of tools to automate and simplify steps applicants must take.
- Frank Fiorille, VP of Risk, Compliance, and Data Analytics at Paychex, will discuss insights from the company’s 670,000 small- and medium-sized business customers and share data from the Paychex | IHS Markit Small Business Employment Watch, an indicator of small business resilience in the wake of COVID-19. He will also detail how HR services companies such as Paychex are supporting businesses with tools and resources during this unprecedented time.
- Rohit Arora, CEO of Biz2Credit, will detail proprietary data from Biz2Credit’s Small Business Cash Flow Report, which has examined the effects of the PPP on small business performance during the COVID-19 pandemic. He will also talk about the status of PPP loan forgiveness, and how Fintech companies have made an impact on the success of the program so far.
Founded in 2007, Biz2Credit has helped arrange more than $3 billion in small business financing. The company is expanding its industry-leading technology in digital lending platform solutions for banks and other financial institutions, investors, and service providers. Visit www.biz2credit.com or Twitter @Biz2Credit, Facebook, and LinkedIn.
CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the U.S. with a growing global focus. Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners. A subsidiary of the American Institute of CPAs, CPA.com is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession.
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex serves approximately 670,000 payroll clients as of May 31, 2019 across more than 100 locations in the U.S. and Europe and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting www.paychex.com, and stay connected on Twitter and LinkedIn.