Hilda Kennedy was recently quoted after testifying before a congressional committee that Congress needs to extend the Paycheck Protection Program (PPP) application deadline by at least 60 days due to urgent challenges small businesses, CPA advisers, and lenders are facing with the $284.5 billion program.
"Hilda Kennedy, founder and president of AmPac Tri-State CDC, a CDFI in Ontario, Calif., provided an example quantifying the impact of the change from net profit to gross income in calculating PPP maximum loan amounts for Schedule C filers. The maximum loan amount available for a Latina-owned party-planning business went from $2,000 to $20,000 with the change to gross income."
Hilda was one of four panelists who addressed the committee during a two-hour hearing. The other three panelists, who represented community development financial institutions (CDFIs), the AICPA, community banks, and a Latina-owned party-planning business, echoed concerns about the March 31 deadline, the processing delays in the SBA system, and the impact of the changes to the PPP maximum loan calculations for Schedule C filers.