By Taylor Ovalle
Signed into law on March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides billions in loans and related assistance for small businesses through the Paycheck Protection Program (PPP) and the Employee Injury Disaster Loan (EIDL) program. Following the law’s enactment, KPMG Spark got right to work providing assistance to eligible small businesses regarding the relief funds.
“We called every single KPMG Spark client,” says Brett Goldsberry, Tax managing director at KPMG Spark, which provides small and medium-sized businesses (SMBs) with technology-forward bookkeeping and tax services. “The majority were distraught, with some considering layoffs and closing up shop, and nearly all of them had questions about the PPP and EIDL and the possibility of securing financial relief.”
KPMG Spark has helped calm numerous clients by assisting them with gathering financial information required for the PPP and EIDL application processes. Through May 12, KPMG Spark clients have received more than $9.5 million in cash deposits – with more applications approved, and funds received, each day.
The $409 billion loan program, which was replenished with an additional $310 billion on April 24, is intended to help some of the coronavirus’ hardest-hit victims – small businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses – keep paying their workers.
A small business success story
KPMG Spark has built trust with and earned the gratitude of many clients through its outreach. More importantly, it’s benefitting small businesses and their employees.
“I successfully obtained $75K in PPP and EIDL funding, which will allow me to pay my employees while my businesses are completely shut down as our Texas beaches are currently closed,” says Austin Kimbrough, who owns two beachfront shops in Texas. “I can’t thank KPMG Spark enough.”
Stepping up, for better
Every team member at KPMG Spark has contributed to helping clients during this uncertain time.
“Our team has been working around the clock, arming our clients with the documentation and information needed to move forward with their banks.” says Emmy Ruiz, senior quality assurance associate at KPMG Spark. “In addition to computing estimated loan amounts, we’ve been busy expediting tax returns and the financial documentation that many small business owners need to complete their loan applications.”
Although KPMG Spark, which was formerly the startup company Bookly, has been incorporated into the Big Four model since 2018, its startup-style culture persists. It’s not uncommon for the laid-back, close-knit team to take impromptu skateboard breaks or meet up at the ski slopes.
“We love being a part of KPMG, but our roots will always be planted with the SMB community,” says Zach Olson, Bookly’s founder and now managing director at KPMG Spark. “So when COVID-19 hit, we knew we had to step in and step up to care for our friends.”
To speak with Zach Olson or Brett Goldsberry from KPMG Spark, contact Taylor Ovalle.
New COVID-19 resource page
KPMG Spark has launched a resource page dedicated to helping small businesses navigate the COVID-19 environment. View it here.