PPP borrowers have the money, now they’re afraid of forgiveness
“The truth is that no two companies are the same,” said Hannah smolinski, CPA, founder and CEO of Clara CFO Group, who is leading a team of experts working with businesses to navigate the financial chaos of the pandemic. “P3 forgiveness gets complicated very quickly. Business leaders have been forced to make tough decisions as the pandemic has affected every industry differently. Now they have to deal with the implications of those decisions as well as the extremely complex rules surrounding it. P3 forgiveness In my experience, forgiveness should be reviewed on a case-by-case basis with the help of experts, ”added Smolinski.
From the onset of the crisis, Smolinski stepped in as a champion of owners trying to understand PPP and Economic Disaster Lending (EIDL) programs, providing real-time financial advice to a community of business owners. distressed looking for support. With 15,000 YouTube subscribers and escalation, Smolinski has heard all the questions business owners grapple with, and she’s one of the few experts to come up with answers.
- Should I bother to file a pardon request now?
- My bank informed me that I should start making payments. Now what?
- I am the only employee, should I use 3508EZ or 3508S?
- What are the tax implications … will I be able to deduct the covered expenses?
- What happens if my PPP loan is not canceled?
- Can only part of my PPP loan be canceled?
- I think I used the PPP loan for bad business expenses … what are my options?
- What is my risk that the SBA will audit my pardon request?
While business owners are hopeful that banks, lawmakers, the SBA or the Treasury will eventually answer their pressing questions, waiting may not be the right choice. Many recipients whose loans have been exploited feel the pressure to write off the debt so that they can move on. Fortunately, homeowners have experts like Smolinski as a reliable and understanding resource.
Smolinski acknowledged that very few borrowers with a PPP loan could afford experts like her. She has decided to support over 400,000 business owners with additional resources for busy business owners. Smolinski does not stop there; she recently teamed up with an entrepreneur Scott case to maximize loan forgiveness as a senior advisor at Upside Financial, Case’s latest company. Smolinski said of his new role: “It was so great working with the Upside Financial team on their PPP forgiveness solution. They have listened to the challenges of the small business owner and have designed a product that offers personalized attention while keeping costs affordable for everyone. “
“Hannah just understands,” said Case, founder of Upside Financial and the serial entrepreneur best known as the founding technical director of Priceline.com. “She talks to business owners every day about PPP issues and helps the Upside Financial team translate those weak spots into a better borrowing experience. Hannah is a business owner herself and understands what borrowers are going through and is dedicated to giving them the support they deserve. . ”
About Clara CFO Group
Goal-oriented CEOs 300,000 USD –$ 3 million in annual revenue hires Clara CFO Group to be a financial strategic partner of their company. Founded by Hannah smolinski, CPA, Clara CFO Group is a financial advisory firm serving clients across the United States. Smolinski is also a senior advisor to Upside Financial.
About Upside Financial
Upside Financial brings together a team of experts with extensive experience in financial services, federal lending, and technology. PPP Advisor Pro, the company’s flagship product, provides business owners with an affordable fixed-price service to navigate the Payroll Protection Program forgiveness applications. Upside Business Travel, which provides end-to-end travel solutions, has worked with small businesses for years and these relationships inspired the creation of Upside Financial. After making his tech debut as founding CTO of Priceline.com, CEO Scott case has spent his 25-year career as a social entrepreneur and problem-solver for small businesses. Scott was previously CEO of The Startup America Partnership and is currently President of Network for Good.
Genevieve Rafla, Communications Director for Upside
SOURCE Upside Financial