Thousands of CPA Firms Avoided ‘Bloodbath’ With PPP Loans

From April to June, scores of Whitley Penn LLP staff had no work—no tax returns to prepare, no mergers or deals to assist with. Even audit clients pushed back or canceled work on their annual financial statements.

“It was ugly,” said Larry Autrey, the managing partner of the top-50 firm, based in Texas.

Autrey could have cut as many as 70 people as the work slowed to a crawl. Instead, the firm told staff to catch up on their continuing-education requirements. They retooled consultants to help clients apply for emergency relief loans and staff called every client to encourage them ...