Herbein + Company, Inc. Poll Shows Businesses Bullish On COVID-19 Recovery
Confidence high among Paycheck Protection Program (PPP) loan borrowers attending recent firm webinar
READING, PA (April 30, 2020) – A flash poll conducted by Herbein + Company, Inc. (Herbein) indicates 74% of respondents are very or somewhat confident about their businesses in the next six months. With 16% of respondents feeling neutral, approximately 10% describe themselves as less confident that their organizations will soon prosper.
“It’s clear that business owners are resilient—and confident in their ability to respond quickly to the opportunities in the post-pandemic timeframe,” said Herbein Managing Partner David Stonesifer, CPA.
In the same poll, 76% of respondents indicated they had applied for and received Paycheck Protection Program (PPP) funding. A key component of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the program’s primary purpose is to provide loans to help businesses with the resources they need to maintain payroll, hire back employees who may be laid off, and cover applicable overhead during the COVID-19 pandemic.
“As businesses anticipate a quick resumption of activities in the coming months, they will look to use PPP funding for various employment stabilization purposes, including maintaining current staffing and recalling laid off employees,” said Melissa Rebholz, SPHR, SHRM-SCP. Rebholz is Herbein’s Human Resources manager. “They may also want to hire qualified individuals to fill new positions that emerge in the post-pandemic era.” Rebholz discussed these issues recently as a co-presenter – along with Reading, PA firm Mosteller & Associates – of a well-attended webinar on COVID-19 human resources issues.
Stonesifer noted that Herbein is among many businesses in the region that are weathering the COVID-19 storm.
“We are proud to have been able to keep our entire team employed throughout the pandemic and we have made some strategic hires,” Stonesifer said. “Herbein’s strong position in our markets is now affording us the opportunity to further expand our team following this crisis.”
Herbein recently held an educational webinar, “Navigating PPP Loan Forgiveness,” providing insights into the PPP program, and how to navigate the loan forgiveness process. More than 800 people attended the April 24 event, and the survey was taken by an impressive 450 plus webinar attendees.
Webinar presenters discussed:
- Managing PPP loan proceeds
- Managing documentation for loan forgiveness
- Understanding the PPP loan forgiveness process
- Full-time equivalent employees
- Putting it all together
Presentation slides and a recording of the webinar are available at https://www.herbein.com/blog/webinar-navigating-ppp-loan-forgiveness
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Coronavirus Resource Center: Have more questions about the impact of COVID-19 on your business? Visit Herbein's Resource Center for up-to-date information.