PPP borrowers got the money, now they’re scared of forgiveness


“The truth is, no two companies are the same,” said Hannah SmolinskyCPA, Founder and CEO of Clara Group Chief Financial Officer, 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 have been forced to make some tough decisions as the pandemic has affected each industry differently. Now they are dealing with the implications of those decisions as well as the extremely complex rules surrounding the PPP forgiveness In my experience, forgiveness should be looked at on a case-by-case basis with experts to help you,” Smolinski added.

From the onset of the crisis, Smolinski stepped in as a champion for owners trying to understand the PPP and Economic Injury Disaster Loan (EIDL) programs, providing real-time financial advice to a community of business owners stranded in search Support. With 15,000 YouTube subscribers and rock climbing, Smolinski has heard all the questions business owners face, and she’s one of the few experts with answers.

  • Should I bother filing a pardon application 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 covered expenses?
  • What happens if my PPP loan is not cancelled?
  • Can only part of my PPP loan be forgiven?
  • I think I used the PPP loan for bad business expenses…what are my options?
  • What is my risk of the SBA verifying my pardon application?

While business owners hope 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 clear the debt so they can move on. Fortunately, owners have experts like Smolinski as a reliable and understanding resource.

Smolinski acknowledged 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 free resources designed for overwhelmed business owners. Smolinski does not stop there; she recently teamed up with entrepreneur Scott case to maximize loan forgiveness as a senior advisor to Upside Financial, Case’s newest venture. Smolinski commented on his new role, “It was great working with the team at Upside Financial on their PPP forgiveness solution. They listened to the challenges of the small business owner and designed a product that delivers personalized attention while keeping costs affordable for all.”

“Hannah just gets it,” said Case, founder of Financial on the rise and serial entrepreneur best known as the founding CTO of Priceline.com. “She talks to business owners about P3 issues every day and helps the Upside Financial team translate those pain points into a better experience for borrowers. Hannah is a business owner herself and understands this. that borrowers experience and is committed to providing them with the support they deserve.”

About Clara CFO Group
Goal-oriented CEOs who win between $300,000$3 million in annual revenue hire Clara CFO Group to be a strategic financial partner for their company. Founded by Hannah Smolinsky, CPA, Clara CFO Group is a financial advisory firm serving clients across the United States that specializes in helping small business owners improve profits, increase business value, and drive sustainable growth. Smolinski is also a senior adviser to Upside Financial.

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, offers business owners an affordable, fixed-price service to navigate Payroll Protection Program forgiveness applications. Upside Business Travel, which provides end-to-end travel solutions, has worked with small businesses for years and those relationships inspired the creation of Upside Financial. After getting his start in technology as founding CTO of Priceline.com, CEO Scott case has spent his 25-year career as a social entrepreneur and solving small business problems. Scott was previously CEO of The Startup America Partnership and is currently President of Network for Good.

Media Contact:
Genevieve Raflacommunications director for Upside
[email protected]

SOURCE Financial backwards

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