SHREVEPORT, La. (KTAL/KMSS) — A local CPA is offering his business clients options for financial relief during the coronavirus.
Chad M. Garland is the founder and owner of Chad M. Garland CPA, LLC. does bookkeeping and taxes for individual businesses and companies. With government assistant programs for businesses being announced, Garland has helped his clients apply.
“I’ve had a number of my clients that I’ve helped assist to try to apply for some of them, what they call PPP loans which are paycheck protection loans. I’ve helped them with that so they can get funding,” said Garland.
He says many businesses have either closed down or slowed down because of the pandemic. In some cases businesses are applying for government SBA approved loans. He’s still offering help with their cash flow during this time to develop a better budget plan so that they don’t run out of money.
PPP loans are a program administered through the federal government for small businesses offering up to two and a half months of average company salaries according to Garland. As long as you use that money for salaries, rent and utilities or interest on your business loans, the government will forgive you since many businesses had to lay off their employees due to mandated shut downs.
“It’s my job as a CPA. One of the things I am suppose to be is a business advisor. I often use the analogy that accounting is to business as math is to science, and you just can’t have one without the other.”
Garland says he understands that small businesses are struggling right now, but encourages them to seek CPA guidance in the future, because they can be an asset during times of crisis.