Flagel Huber Flagel (FHF) has assisted hundreds of businesses with PPP Loan and Forgiveness Applications. FHF takes a customized and personal approach to crafting the best strategy for each client – whether they are a current customer or not. Behind every PPP loan application is a business and people with their livelihoods on the line.
Promotional Spring, a print services company that sells primarily to multi-unit retail and higher education clients, is one of those businesses. The impact on Promotional Spring was significant when both their key verticals closed locations, pulled back on programs and cancelled events. Dennis Riggs, CEO and owner of Promotional Spring says, “This is my family’s business and has been since 1984. I owe a great responsibility to my family, to our clients and to our workers. When COVID hit, we had to quickly adjust our cost structure. We needed a bridge to the brighter days ahead, so that when things turned around, we would be ready”.
Riggs knew that bridge to the future was PPP Loans and Loan Forgiveness, so he reached out to FHF Director and PPP subject matter expert, Brandon Gross. Says Gross, “Dennis relied on us to navigate the rapidly changing regulations. To help maximize PPP loan forgiveness, we created a tool that updated weekly. Using the tool enabled Dennis to make informed decisions on payroll and other costs. In the end, he was able to keep the maximum number of employees, bring back others as soon as possible, and get 100% loan forgiveness.”
Riggs shares, “I consider myself pretty savvy, but having someone like Brandon who is a subject matter expert was so helpful. He was really dialed in on all the rules and the ins and outs. It was well worth the investment to have them help us with the process.”
How We Entered The Picture
FHF helps clients navigate the rapidly changing PPP Loan Forgiveness regulations.
Outstanding Guidance for a Difficult Process.
Gross says, “We’ve worked with many businesses on PPP and other programs within the stimulus bills. Unlike Promotional Spring, not all of them were already FHF clients. One new client had been trying to get there on their own, but they were having trouble with the complex loan forgiveness process. Ultimately their bank suggested they consult with an advisor. Their current accountant was not as knowledgeable about PPP, so they reached out to me. We basically started from scratch working with their payroll provider, their bank, and the SBA. The guidance was changing quickly; the turnaround times were fast; and any mistakes would be the responsibility of the applicant, not the bank. Because of the high stakes, they relied heavily on my knowledge, expertise and experience with PPP. They received full forgiveness for their original PPP loan, and now we are in the process of helping them apply for PPP2.”
Gross continues, “There is no better example as business advisors and CPAs that shows what we can do in terms of helping a client in such a direct, impactful, and timely way. At such a critical time, helping clients get access to funds that were vitally important to continue their business – and then maximum loan forgiveness so that they can get back to a point where they can succeed again – it is so rewarding.”
As Riggs of Promotional Spring thinks back on the last year, he has some advice for those trying to navigate PPP on their own. That advice: “Don’t.”