Anthony Mangiarelli serves as partner and director of the enterprise solutions group for Kahn, Litwin, Renza & Co. Ltd. He is a certified public accountant with more than 18 years of experience. He holds a bachelor’s degree in accounting and a master’s degree in taxation, both from Bryant University.
PBN: How is KLR and your team working to help clients understand and apply for federal loan programs?
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MANGIARELLI: Upon the early indicators that we were headed for a significant, all-encompassing economic downturn, KLR made a strategic decision to form an internal rapid response committee with the goal of providing effective, timely, relevant and reliable information to our team of advisers and clients. This committee is comprised of key leaders from every department within the firm, including our internal marketing and human resource departments. We knew our response would need to be a firm-wide effort.
The committee immediately apprised themselves of the SBA [U.S. Small Business Administration] Economic Injury Disaster Loan program and the CARES [Coronavirus Aid, Relief, and Economic Security] Act bill. Our first action was to create an internal database for our staff members to quickly access the highlights of the programs, including templates to assist clients.
Externally, we started releasing daily blogs on our website explaining the various provisions of the loan programs. On April 2, we held an in-depth webinar on the relevant provisions viewed by over 700 people. The webinar was geared towards business leaders and non-accountants and included illustrative examples of how to calculate the potential eligible loan amounts to apply for and be forgiven under the Paycheck Protection Program.
A second webinar is planned to provide updates to the PPP, as well as explain the loan forgiveness calculation and the insurance impact – scheduled for April 21.
PBN: Why is it important for small businesses to seek expert advice when considering which loan programs to apply for?
MANGIARELLI: All management teams are facing an unprecedented crisis that has caught many off guard. These overwhelmed leaders are being forced to make quick decisions that could mean the difference between the survival of their organizations or its demise. Now more than ever, it is the time to work with your trusted adviser to walk through the options available and make the best decisions to ensure survival. Business leaders cannot become experts on these loan programs in their individual capacity. Lean on us, we have already been consulting with hundreds of clients in a mere number of days.
Also, we are in constant contact with the banks and leaders in the community and feel that we have a thorough understanding of the CARES Act and are always available when needed.
PBN: What additional clarity on federal legislation and loan relief packages would you like to see given?
MANGIARELLI: Depends what day it is! The CARES Act was written quickly and as a result, it contains many discrepancies. Luckily the U.S. Small Business Administration and U.S. Department of the Treasury are releasing almost-daily follow-up rulings and FAQs. The most urgent area where clarity is needed is additional guidance on the Paycheck Protection Program loan forgiveness provisions. This guidance is paramount to preventing similar frustrations faced by many when applying and calculating their eligible loan amount under this program.
PBN: What has been the biggest challenge for you and your team through this?
MANGIARELLI: We think it is the same challenge that many of our clients are facing – one day we were working at the office, the next day we are working from home. For many years, our firm has invested heavily in technology and the results have allowed us to have a completely remote professional workforce of 250-plus with a mission of providing the highest level of client service without disruptions. For many of us, while we are sitting at our kitchen table completing our work, our children are right beside us doing theirs.
PBN: How has coronavirus impacted, if at all, KLR’s normal accounting and advisory services?
MANGIARELLI: This crisis has forced us to lean on our core principle of innovation and think of ways to work differently and more strategically to provide the “normal” accounting services. By doing this, we have become closer to our clients and they are requesting us to perform our entire suite of consulting, advisory and “atypical” services. By strengthening these relationships, we are living firsthand the African proverb that says “To go fast, go alone. To go far, go together.”
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@pbn.com.
