Paycheck Protection Program

Paycheck Protection Program (PPP) is a loan designed by the US Govt, and implemented by the SBA, to provide a direct and immediate incentive for small businesses to keep their workers on the payroll, and thus avoid large scale job losses, because the SMBs create over 50% of the total jobs across America.

SBA will forgive loans if all employees are kept on the payroll for eight weeks, and the money is used for payroll, rent, mortgage interest, or utilities.

You can apply through any existing SBA 7(a) lender, or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program.

Lenders may begin processing loan applications as soon as April 3, 2020.
The Paycheck Protection Program will be available through June 30, 2020.
Please check with your local lender whether it’s participating in the program.

Who Can Apply
The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) Non-profit organization, 501(c)(19) Veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of: 500 employees, or that meets the SBA industry size standard if more than 500.
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) with more than one physical location, and employs less than 500 per location
  • Sole proprietors, Independent Contractors, and Self-employed persons.

Please see this page to learn more details. Thanks.

Magnuson, McHugh & Company, P.A., CPA in Coeur d'Alene, ID

Our company has been serving clients for more than 65 years. We have a collective pool of knowledge throughout our elite team that includes 25 employees and 11 full-time CPAs. Wisdom and experiences are shared to create an environment that focuses on the satisfaction of every single client.
We understand that each community is made of different threads that weave together a unique business environment. While we have clients across the country that we provide the best in class of services, we can offer our local clients an additional advantage.
Our firm specializes in accounting services for North Idaho business owners. Small to medium businesses need a resource that gets the local economy, challenges and growth opportunities. With our deep North Idaho roots and experienced team, our firm can offer a unique perspective for clients that need information and tools to help them make better business decisions – right here, right now.
Each CPA in our company is a member of the American Institute of CPAs (AICPA) and the Idaho Society of CPAs. Furthermore, several are also fully credentialed in other states in which they have active licenses. In addition, we are a member of the AICPA Private Companies Practice Section, which imposes mandatory peer review on a regular basis to ensure quality control of all members’ accounting and auditing services.
We are passionate about serving others in our community. All members of our team are encouraged to play active, leading roles in giving back to, and shaping, our communities.
2100 Northwest Blvd.,
Suite 400,
Coeur d’Alene, Idaho 83814
Phone: 208-765-9500

Lucas Company, CPA in Moscow, ID

Public Accounting
I entered the profession in 1976 as a staff accountant for Niemi, Holland & Scott in Walla Walla, Washington. Three years later I started a practice as a sole proprietor in Moscow, Idaho.
Professional Memberships
It would be easy to attach too much significance to professional memberships. They can indicate an abiding interest in the well being of the profession or the willingness to annually and unquestioningly write checks. That caution offered, I’ve been a member of the American Institute of CPAs (AICPA) and the Washington Society of CPAs (WSCPA) since 1978 and the Idaho Society of CPAs (ISCPA) since 1980.
Professional Involvement
My first committee appointment, back in 1985, was to the WSCPA Management Advisory Services Committee where I served for seven years, until 1992. The last two years I chaired the committee. Midway through this I was asked to serve on the Education & Information Subcommittee in the AICPA’s Consulting Services Division, which I did from 1987–1990.
In 1991 I was invited to serve on the AICPA Management of an Accounting Practice (MAP) Committee. I spent three years on that committee, taking my turn at chairing the National Small Firm Conferences. During my third year on the MAP committee I accepted the chair of a newly formed committee in the AICPA’s Consulting Services Section, the Membership Section Steering & Public Relations Subcommittee. Following my three years chairing that committee (1993–1996) I spent a year on the Management Consulting Service Executive Committee.
In 1998 I was asked to once again chair the resurrected WSCPA Consulting Services Committee. During that two-year term I also chaired the Northwest Consulting Services Conference. In 1999 I was appointed to the AICPA’s PCPS Executive Committee. That appointment ended in the fall of 2002. In 2001 I was asked to take a third two-year term chairing the WSCPA Consulting Services Committee.
I served as an editorial advisor for: The Practicing CPA from 1994–2002, The CPA Management Consultant (1993–1996), and The Journal of Accountancy (1994–1998). Finally, I’ve been a member of the Idaho State Bar’s Professional Conduct board since 1991.
Contributing Factors
I grew up in Southern California where I was educated by the nuns first, then the Jesuits; got caught up in the seventies; moved to Idaho to study Forestry at the University in Moscow; met a girl, got saved, got married, stumbled into accounting, raised four children, started a school with a couple of friends, helped plant a few churches, and learned to fly fish.
When I was younger I worked on a rig in the oilfields. I’ve written two books.
P. O. Box 9245
303 East Fifth Street
Moscow, ID 83843
Phone: (208) 882-9504