CPA aims to help small businesses with finances

New program assists owners with reports, taxes, loan applications

WOONSOCKET — Are you a desperate small business owner or sole proprietor in Woonsocket or other neighboring cities and towns in the Ocean State?

Cumberland resident Melissa Travis wants to help you.

As the Rhode Island Society for Certified Public Accountants’ President/Chief Executive Officer, and the same for the Rhode Island Business Forum, Travis has worked with thousands of small business owners over the years and aided them through numerous crises. A few months ago, she came up with a brainchild – call it a system to help them not only survive but thrive.

Simply, it’s called the “Free CPA Assistance Program.”

The RISCPA, in partnership with the R.I. Commerce Corp. and Gov. Dan McKee’s administration, launched the new program just a week ago to provide those small business owners better organization of their financial reports/documents, not to mention expertise in applying for the Paycheck Protection Program (PPP) and “forgiveness-in-loan” provisions.

“We’re trying to get the word out about this program because, from what we’ve seen, so many people are eligible, but they’re not applying” for the $20 million stimulus funds provided to the state under the federal CARES Act, Travis stated.

“They’re not, they tell us, because they’re so afraid they don’t know what they’re doing; or they’ve always done their own taxes, so they’re kind of nervous about applying; question whether or not they’re doing their finances correctly, etc. That’s what made me propose this program to the R.I. Commerce Corp. and say, ‘We should give free CPA assistance.’ I mean, we have 2,000-plus licensed members in the state, so let’s give very small businesses some help instead of letting them go it alone.’

“This is for those who don’t understand it, don’t know what’s out there, don’t know how to do it, think ‘I’m too scared’ or ‘Am I going to have to pay something back?

Is someone going to be knocking on my door because I didn’t do it right? Does it go on my credit report?’

“There’s so much misinformation out there, and so many people don’t know about it,” she added. “This is for all small business owners who don’t have a CPA but who are interested in a grant or loan program like the PPP or the relief program sponsored by the R.I. Commerce Corp.”

Travis noted Raimondo put

aside $20 million from the original CARES Act, and it has been earmarked for individual $5,000 grants for those who need it most. Those include owners who received less than $25,000 in aid from the state in any relief program, such as RestoreRI, “Take It Outside” for restaurants, etc.

“This was my idea; I came up with it right before the second PPP program was announced, probably a few months ago,” said the lowkey, amiable Travis, who’s also busy as the Vice Chair of the newly-created R.I Business Coalition Industry Alliance. “I would talk to people during the first round of PPP and say, ‘Well, did you get PPP?’ and folks would say, ‘No.’

“When I asked them why not, they would say they were worried it would become a loan, or they didn’t know how,” she continued. “We found all these businesses, especially the small, tiny business owners, that had never done really good financial documents. They had all they could do to get their tax returns in on time every year.

“We saw a lot of people who didn’t know how to do their books; that’s why, even when they applied, they weren’t eligible for any program, any relief, for any PPP, and it was really breaking my heart. That’s when I thought, ‘If I could get some of my members to want to participate in the program, and if I could find a way to compensate (the CPAs) to help these businesses,’ then let’s do it!

“Think about it – This is a federal fund, so why is Rhode Island leaving all this money on the table? And I’m very pleased to say that we were the first state to do anything like this. We’ve now helped hundreds of businesses, but there are hundreds more who need help, need us.”

While the previous CARES Act money, she hopes, will go to those who apply for the maximum $5,000 grants, the latest, incoming stimulus money provided states is earmarked for payments to participating

CPAs.

“Again, it’s $5,000 for very small businesses,” Travis stated. “They’ve really fine-tuned the application process … What we’re really concerned with is helping businesses with the PPP. Even very small ones can get $30-40,000 in aid from a PPP loan, and we can help them with all the paperwork. That’s a one-page application for forgiveness, and then it turns into a grant.

“That’s why this is so important – we don’t want Rhode Island’s very small businesses, which are the backbone of our economy to go under. We’re there to help them grow … I can tell you right now, 95 percent of small businesses out there don’t have a CPA, and – with all the work I’ve done for and with small business owners, that surprised me.

“I always assumed they did have one; to be honest, I’m horrified nobody else thought of this across the country, and I am so proud Rhode Island did this, so proud the governor supported this, that the secretary of commerce helped with this.”

As soon as Pawtucket

Commerce Director Jeanne Boyle heard about such a program, she backed it 110 percent.

“Right now, there are so many different programs that have come out or are coming out on the federal, state and local levels – we have our programs through the Pawtucket Business Development Corp., small business loans and the forgivable loan program – it can be confusing,” she said. “There’s a lot of assistance out there with different rules about applying, and it can be overwhelming.

“It’s all fairly complicated … but this ‘Free CPA Assistance Program’ really is a godsend,” she continued. “It truly helps these small business owners take advantage of these grant possibilities. It gives them the technical assistance that they need to be able to apply for it. This gives them the confidence they need to go through it, as someone’s there standing by their side.”

Anyone wondering why Travis and the RISCPA care so much, she provides an answer in a heartbeat.

“Let me tell you something: Do you know how many business owners I’ve talked to have started crying on the phone when they find out they’re going to be eligible for money?” she added. “We have business owners who have told us, ‘I’m not going to make it. I can’t pay my bills. I’m just going to have to give it up!’

“And we just say, ‘No, you’re not! You’re going to do this program. You’re going to be eligible! We’re going to get the funds and forgiveness for you.’ I’ll tell you what, it will change your life when somebody breaks down on the phone and sobs in happiness and relief. I’ve had a lot of business owners who call me crying because of other stuff and I can’t help them, and it’s awful.

“Now I can tell you how nice is is when you can help a business owner that didn’t think they’d be eligible or were too petrified to go it alone that they’ll be receiving financial help. They’re so excited!”

So, small business owners, here’s perhaps your saving grace. To receive help from a CPA, visit covid@riscpa. org, or – for those without computer access – call (401) 331-5720.