WASHINGTON, Oct. 28, 2020 /PRNewswire/ -- While Small Business Administration forgiveness has started, confusion remains among Paycheck Protection Program (PPP) borrowers. Although PPP loans provided much needed support to more than 5 million American businesses through the SBA, the forgiveness process has been anything but easy.
The stress on struggling businesses is intense: complicated rules, multiple forms (there are now three different forms: 3508, 3508EZ, 3508S), potential for second loans, and the SBA is still slow to approve forgiveness. Some of these businesses have the resources and sophistication to stay on top of the rules and processes for loan forgiveness. But, the vast majority of small businesses with PPP loans have limited access to the support they need to obtain full forgiveness.
"We created PPP Advisor Pro after talking to dozens of borrowers who were anxious, confused and had more important things to worry about: running their business during the pandemic. With PPP Advisor Pro, borrowers can turn to a team of forgiveness experts, enabled by powerful software, who stay with each borrower every step of the way. The fixed-price service is ideal for borrowers with loans between $100,000 and $1 million," said Jennifer Moyer, Upside Financial CFO.
PPP Advisor Pro guides borrower's through a simple 3-step process that involves information gathering about the client's business and its loan, consultation with a PPP Advisor Pro to review the details and supporting documentation, and then a final review by a CPA before the application is ready to be submitted to their lender. The service is available for a low, one-time fee of $499, regardless of loan size or complexity.
Upside Financial has experience working with PPP loans from the very beginning of the program and loan forgiveness has been a natural extension of its earlier work. "Working with Upside Financial was easy, streamlined, and pain-free. I felt like I had PPP wizards guiding my journey along the way. As a result, I qualified for a larger PPP loan than I anticipated, received it more quickly, and qualified for 100% forgiveness. I'm very happy with how the team at Upside Financial accelerated the process," said Chase Damiano, Principal at Chase Damiano, LLC.
It's important for borrowers to get their forgiveness in place quickly, as many analysts expect the U.S. Congress to pass legislation that will allow some businesses to get a second loan - presumably only after borrowers have applied for forgiveness on the first loan. PPP Advisor Pro is a low cost, fast and easy way for American small businesses to confidently navigate the complex and confusing world of PPP Loan 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 serves small businesses that participate in the Payroll Protection Program managed by the Small Business Administration. 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
SOURCE Upside Financial