Some KPMGers have committed to working overnight to process PPP loan applications
KPMG employees who have free time will not have it for long.
This KPMG press release was emailed to our hotline this morning:
We are happy to share that we have won a major engagement to support a major US bank processing Paycheck Protection Act loans. The work begins immediately and will require significant resources – approximately 1,500 people – for the next 45 days.
Our work supports the CARES Act and is extremely important in ensuring that small businesses are able to obtain federal government loans. It is rewarding work, but it is also a challenge. We will be performing our work outside of regular business hours and the shifts will be from 6:00 p.m. to 6:00 a.m. Eastern Time, seven days a week. We will schedule work shifts over four days and three days off with some flexibility within the shifts. This work aligns with our values and is essential in helping small businesses overcome financial problems caused by Covid-19.
We coordinate staff across the firm, including consulting, tax, audit and BPG, and will look to get started as soon as possible. Your schedule in Retain shows more than 75% availability for the next 6 weeks. We have initiated the staffing of this project and are delighted to include you in the KPMG team supporting small businesses during this health crisis.
If your personal situation may impact your ability to join the team and requires special attention, please let us know as soon as possible at [email protected] Otherwise, we’ll assume you’re ready to join the team! More details to come shortly.
It’s critical that we staff this commitment quickly, so a member of our resource management team will be in touch with you soon to discuss the schedule, onboarding, and any schedule issues you may be facing.
What we understand is that the reason the hours for this project are so crappy is that normal bank workers start processing PPP loan applications during their workday, and KPMGers also does this work in the same time would explode either the Small Business Administration website or the bank’s servers. Instead, the Klynveldians who have been told willfully will burn the Midnight Oil.
We do not know for whom this large American bank is for which KPMG is bending over backwards. [UPDATE: Being told it’s Bank of America.]
In addition, what we see is that three different shifts are offered during this period from 6 p.m. to 6 a.m.:
- 6 p.m. to 4 a.m.
- 8 p.m. to 6 a.m.
- 8 p.m. to 4 a.m.
Reviews I’ve seen online about this line range from “This is a great opportunity to help small and medium businesses” to “fuck that shit” to “”[KPMG] basically saved their jobs by winning the job.
Or, basically, as one Redditor put it:
Would have been better worded as follows:
“Okay, your use is going to be crap. You can either work shitty hours or work elsewhere (in 6-18 months).
I hate to hear the phrase ‘this is the new normal’ because I want to hope that someday we will write about normal things like the big four companies dramatically breaking independence rules, competitive poaching and horrific PCAOB inspection reports. But until then, it’s non-normal commitments like these that will keep businesses profitable during this pandemic.
And while the Big 4s tell their capital market minions that “layoffs are a last resort,” if your number is called for projects like this and you’re not fully into it, you’ll probably be on. the right path.
Beware of “voluntary” public accountancy missions
Latest Accounting Jobs – Apply Now:
Do you have something to add to this story? Let us know by email, Twitter, or text / call the phone line at 202-505-8885. As always, all tips are anonymous.