New U.S. Congress could change the rules in January 2021 - SBA is approving forgiveness now
WASHINGTON, Nov. 18, 2020 /PRNewswire/ -- Many Paycheck Protection Program (PPP) lenders are processing forgiveness and finally getting responses from the Small Business Administration (SBA). PPP forgiveness has had consistently changing guidelines -- some for better, some for worse -- since the program launched in April. The good news is that right now the rules are stable and thousands of business owners are getting forgiveness confirmations from the SBA.
For business owners with PPP loans under $150,000, filing for forgiveness now and entering 2021 debt free is in their best interest as the rules are unlikely to change in 2020.
"Business owners who quickly took advantage of a PPP loan between April and June have an incredible opportunity right now," said Scott Case, Founder and CEO of Upside Financial, who leads a team of expert advisors delivering a better way to tackle PPP forgiveness. "They can take control by applying for forgiveness now. We don't know if the rules will change, but we do know the SBA is approving forgiveness under the current rules right now."
Many financial experts are thinking along the same lines. In a workshop hosted by The CFO Leadership Council last week, 77 percent of Chief Financial Officers in attendance said they were applying for forgiveness right now, compared to 14 percent who were putting off the headache until the first quarter of 2021.
But small business owners that don't have a financial expert on their team are in a tougher spot. Destiny Burnes, 56, the founder of the four-year-old CLE Urban Winery in Cleveland Heights, Ohio took on a PPP loan after her storefront was closed for three months. Now, Ms. Burns is applying for PPP forgiveness. "My loan was well below $50,000, so I can use that 'simplified' form that was recently released," she said in a recent New York Times article. "It is still a complicated and daunting process."
With Coronavirus cases surging across the country and financial aid programs for small businesses closed or indefinitely on hold, business owners like Ms. Burnes are stressed out and stranded. "That's why it's so valuable to work with an expert when dealing with financial matters like PPP forgiveness," added Case in reference to Upside Financial's flagship product PPP Advisor Pro. "Owners need an affordable, expert solution that takes the burden of forgiveness off their shoulders," he added.
Upside Financial recently launched PPP Advisor Pro for a one-time fixed-fee of $499. Business owners can quickly get started by creating a no-obligation free account to see how easy it is to use. Owners can also talk to one of PPP Advisor Pro's product experts who will answer questions over the phone or via chat.
"PPP Advisor Pro is a powerful combination of software and expert advisors who meet with business owners and then assemble the forgiveness application and supporting documents to maximize forgiveness," said Hannah Smolinski, Upside Financial's Senior Advisor. "I'm recommending PPP Advisor Pro not only to my clients, but also to my CPA colleagues who are struggling with the complexity of forgiveness."
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