Accounting, Tax Preparation, Bookkeeping, and Payroll Services

Businesses and organizations in the Accounting, Tax Preparation, Bookkeeping, and Payroll Services industry (NAICS code 5412, part of the Professional, Scientific, and Technical Services sector) received 174,170 PPP loans totaling $7.88B during the COVID-19 pandemic.

The average loan for this industry was $45,270 — below the national PPP average of approximately $67,000. This reflects the small business character of most participants in this industry, typically sole proprietors and micro-businesses with modest payroll obligations.

95.9% of loans in this industry were forgiven — totaling $7.68B. To qualify for forgiveness, borrowers had to demonstrate that they maintained headcount and compensation levels and used at least 60% of loan proceeds for payroll expenses.

Notable recipients in this industry include PRAGER METIS CPAS, LLC of NEW YORK, NY ($10,000,000); WITHUMSMITH + BROWN, P.C. of PRINCETON, NJ ($10,000,000); and FRIEDMAN LLP of NEW YORK, NY ($9,241,900).

The loan amount distribution for this industry shows a more even spread across loan sizes, suggesting a mix of small and mid-sized businesses. Because borrower names are withheld for loans under $150,000, a substantial portion of recipients in this industry may not appear by name in this dataset.

As part of the broader Professional, Scientific, and Technical Services sector — legal, accounting, architectural, engineering, research, advertising, and related services. — businesses in NAICS 5412 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.