How Accountants Helped Small Businesses Apply for Millions of Dollars in PPP Loans
Even after having a rocky start, the Paycheck Protection Program has been hugely popular among accountants to secure funding for their clients. ForwardAI Predict, a provider of cash flow forecasting and financing marketplace started partnering with accountants in early April 2020 to help them secure PPP loans for their clients so they can weather the economic challenges brought on by the COVID-19 pandemic. ForwardAI Predict was able to quickly engineer loan platform to accept PPP applications from accountants through SBA was coming out almost on a daily basis with constantly changing guidance that has to be incorporated in the application. The result was a fast and easy Paycheck Protection Program (PPP) loan application, providing much needed relief for small businesses.
ForwardAI Predict’s high caliber network of accountants and lenders rallied to help apply for millions of dollars in PPP funding. Accountants and small business owners utilized ForwardAI Predict’s automated online application to access these much-needed relief funds to see them through these unprecedented economic times.
The demand for the Small Business Administration(SBA) PPP loan applications was also unparalleled – in just 14 days, SBA processed 14 years of loans. The initial backlog meant that the intended target audience — small businesses — didn’t get in the actual queue for application processing and, therefore many had no chance to receive financial relief.
“Accountants have a pivotal role within a small business’ organization,” said ForwardAI Predict co-founder Nick Chandi. “The inherent access and insights into their clients’ financial situation made assisting with the PPP application a natural progression. Accountants played a critical role in the loan application process. We found that they’ve built very close relationships with their clients and aside from having a vested interest in ensuring the longevity and viability of their client base, many have a long-standing partnership with the owners of small businesses built on trust.”
Team members at ForwardAI Predict worked endlessly to secure much-needed loans working with accountants. “SBA PPP loans proved vital for their clients – in many cases it truly was critical to surviving the economic downturn. Moreover, due to the postponement of tax filing dates, many accountants took this opportunity to provide much-needed services, such as cash flow management advisory services to their client base “, said Nick Chandi.
Despite the initial bleak economic outlook, many accountants have seized on the opportunity to extend their service offerings by providing cash flow management and forecasting consulting. With the promise of SBA PPP funding, it also provided a good opportunity to create adjusted cash flows and other vital what-if forecast analysis. Using the free ForwardAI Predict, they were able to quickly provide multiple potential scenarios to best prepare their clients in a very fluid and uncertain economic environment.
Using the automated process within ForwardAI Predict, accountants were able to successfully process large volumes of PPP loan applications to ensure that small businesses received the necessary funding in a timely manner and eliminating unnecessary bottlenecks and administrative work. They helped thousands of small businesses across the USA get access to these desperately needed funds, thereby saving numerous jobs.
ForwardAI Predict’s innovative funding platform helps accountants’ access fast, affordable financing safely and transparently for their clients. With 1-click and 30 seconds, you can connect to QBO or Xero. You’ll automatically be able to help your clients apply for funding whenever they need to boost cash flow.
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