Been discussing with other CPAs and accounting establishments about the PPP loans for themselves. I got our loan fairly late in the game once I could see that the revenue was not up to prior year's amounts and not knowing when my cash flow would return to normal.
Interestingly I heard it through the grapevine that other firms that did receive PPP loans were talking about paying back the loans? I understand some practitioners did not apply since they thought their revenue was more of a timing issue and that their income would bounce back by the year end whereas other practitioners like me wanted to have the funds before it ran out. I'd be interested to hear how other practitioners feel about taking the PPP for themselves on this forum and in other states. I helped a few clients that net way more than me apply for the PPP that needed it now but were confident that they could get back to normal since it was a timing of when the economy gets back and running. I know that can be said of the service industry but they won't bounce back as fast. Maybe it is an ethical issue or am I just holding myself to an unrealistic standard? I did apply once my webinar instructor told us that he applied; so, I'm using that as another justification right or wrong.