PPP Borrowers Got the Money, Now They’re Afraid of Forgiveness
WASHINGTON, Nov. 9, 2020 /PRNewswire/ -- Anxiety, confusion and frustration have hit business owners as they use up their Paycheck Protection Program (PPP) loans and are left questioning where to go next. While the Small Business Administration (SBA) has worked hard to make adjustments to the program, a simple Google search tells you just how confusing it is to seek loan forgiveness.
“The truth is that no two businesses are the same,” said Hannah Smolinski, CPA, Founder and CEO of Clara CFO Group, who leads a team of experts working with businesses to navigate the financial chaos of the pandemic. “PPP forgiveness gets complicated very quickly. Business owners were forced to make difficult decisions as the pandemic affected each industry differently. Now they are dealing with the implications of those decisions along with the extremely complex rules surrounding PPP forgiveness. From my experience, forgiveness should be examined on a case-by-case basis with experts to help,” added Smolinski.
From the very beginning of the crisis, Smolinski jumped right in as a champion for owners trying to figure out the PPP and Economic Injury Disaster Loan (EIDL) programs, offering real-time financial guidance to a community of stranded business owners seeking support. With 15,000 YouTube subscribers and climbing, Smolinski has heard every question business owners are struggling with, and she is one of the few experts out there who’s actually offering answers.
- Should I bother filing a forgiveness application now?
- My bank notified me that I need to start making payments. Now what?
- I’m the only employee, should I use 3508EZ or 3508S?
- What are the tax implications...will I be able to deduct covered expenses?
- What happens if my PPP loan is not forgiven?
- Can only part of my PPP loan be forgiven?
- I think I used the PPP loan for the wrong business expenses...what are my options?
- What is my risk of the SBA auditing my forgiveness application?
While business owners hope banks, lawmakers, the SBA or the Treasury will eventually answer their urgent questions, waiting may not be the right choice. Many recipients whose loans have been tapped are feeling the pressure to clear the debt so they can move on. Thankfully, owners have experts like Smolinski as a trusted, understanding resource.
Smolinski recognized that very few borrowers who took out a PPP loan would be able to afford experts like her. She decided to support over 400,000 business owners with complimentary resources made for overwhelmed business owners. Smolinski isn’t stopping there; she recently teamed up with entrepreneur Scott Case to maximize loan forgiveness as Senior Advisor to Upside Financial, Case’s latest venture. Smolinski remarked on her new role, “It’s been so great to work with the team at Upside Financial on their PPP forgiveness solution. They have been listening to the challenges of the small business owner and have designed a product that provides personalized attention while also keeping costs affordable for all.”
“Hannah simply gets it,” said Case, Founder of Upside Financial and serial entrepreneur most well known as the founding CTO of Priceline.com. “She’s talking to business owners every day about PPP problems and is helping the Upside Financial team translate those pain points into a better borrower experience. Hannah’s a business owner herself and understands what borrowers are going through and is dedicated to getting them the support they deserve.”
About Clara CFO Group
Goal-driven CEOs making between $300k -$3M in annual revenue hire Clara CFO Group to be a strategic partner on the financial side of their business. Founded by Hannah Smolinski, CPA, Clara CFO Group is a financial consulting company serving clients across the US and specializes in helping small business owners improve profits, increase business value, and drive sustainable growth. Smolinski also serves as Upside Financial’s Senior Advisor.
About Upside Financial
Upside Financial brings together a team of experts with deep experience in financial services, federal lending, and technology. The company’s flagship product PPP Advisor Pro provides business owners an affordable fixed-fee service to navigate Payroll Protection Program forgiveness applications. Upside Business Travel, which provides end-to-end travel solutions, has been working with small businesses for years and those relationships inspired the founding of Upside Financial. After getting his start in technology as the founding CTO of Priceline.com, CEO Scott Case has spent his 25-year career as a social entrepreneur and solving problems for small businesses. Scott was previously the CEO of The Startup America Partnership and currently serves as the Chair of Network for Good.
Genevieve Rafla, Communications Director for Upside
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SOURCE Upside Financial