Local Biz Get PPP Assistance from Asset Enhancement Solutions

UNIONDALE, NY – May 22, 2020 – Neil Seiden, Managing Director of Asset Enhancement Solutions (AES), a financial advisory firm in Uniondale, Long Island, NY, has been serving as an agent for various PPP lenders and is accepting and processing PPP loans for businesses and non-profits on Long Island as well as those throughout the United States. AES has been assisting dozens of small and medium-sized businesses across Nassau and Suffolk Counties and beyond to receive approval for business loans. Mr. Seiden and his team do more than hold clients’ hands; they take them step-by-step through the entire process, helping collect documents, answer complex questions and get lenders on the phone. This approach has been applauded by business owners who were overwhelmed, stressed out and confused by the process.

Following the COVID-19 pandemic and the non-essential business shutdown, companies across Long Island and New York State are continuing to seek relief measures and wondering how they will keep their firms in business, even as the state prepares to reopen. While the Federal Paycheck Protection Program (PPP) made available loans to small businesses, many owners found the application process cumbersome, difficult to navigate and many banks and lenders unwilling to assist them. A large percentage of businesses gave up partway through the process, were rejected for making minor errors or simply could not get answers from their banks and others. This forced them to forgo securing critical financial lifelines to keep their businesses alive. Mr. Seiden is finding that many small businesses and independent contractors are still unaware of the existence of the PPP loan program.

“As of May 22, PPP Loans are still available to businesses,” said Neil Seiden. “We strongly encourage all businesses to apply now for PPP. Many who have been rejected or don’t think that they are eligible still have a chance with the right guidance and support. Our lenders are still accepting and approving loans,” said Seiden. “We have worked with many businesses large and small to navigate complex situations to get them through the loan application process and match them with our lending partners.”

To date, Mr. Seiden and his team have assisted over 600 businesses and non-profits successfully complete PPP applications and have submitted them to the lenders they have partnered with for approval. This is equivalent to more than $50 million in loans, if all are approved. Loans have ranged from $4,000 to $7 million. Of the 600 applications, over 200 have been funded, saving many of these businesses and keeping people working. The balance of this loan volume is expected to be approved and funded in the coming days.

Mr. Seiden and his team of CPAs and lending professionals have also provided emotional support and guidance for clients. In some instances, AES has contacted the Small Business Administration directly on behalf of its clients, seeking precise guidance with respect to complicated situations. AES has also successfully hosted conference and Zoom video calls with the lenders it serves as an agent for and clients to ensure all client questions were answered and that their applications are successfully completed without mistakes, increasing the odds of PPP approval. AES has even retained the services of outside professionals at its expense to consult with clients that have complex PPP eligibility issues. As an agent for multiple lenders, AES does not charge a fee for this combination of services which include advisory, troubleshooting and loan processing. It is this “Triple Threat” that distinguishes Asset Enhancement Solutions, LLC from lenders that just process loans and service providers who are consulting with their clients regarding PPP loans.

Dress designer/tailor Nancy Sinoway of Nancy Sinoway Tailoring & Alterations Studio, a landmark business in Port Washington, NY, which employs five workers, was one PPP loan recipient client of Asset Enhancement Solutions. She received her loan and has been able to reinvent her business by pivoting from designing and altering prom and wedding dresses to now creating and making custom face masks.

“Working with Neil Seiden and his team at Asset Enhancement Solutions eliminated numerous headaches I had with the loan application process,” said Sinoway. “Our application was complex and Neil and his team stepped up and walked us through everything from beginning to end, allowing me to concentrate on remaking my business and keeping my five employees on staff and off of unemployment.”

Bill Gordon had difficulty initially finding a lender to secure a PPP loan for his business, Long Island Boat Rentals in Port Washington, NY.

“I was initially rejected by a lender and could not figure out why,” said Gordon. “I worked with Neil and his team. They took us through the process step-by-step and even matched me with a lender to keep my business afloat. He has also helped several other businesses in Port Washington which has made a significant impact on the community and saving a number of jobs.”

For more information or to learn more about how Asset Enhancement Solutions, LLC can assist you with your transaction, please contact Asset Enhancement Solutions, LLC at (516) 767-0100 or visit www.assetenhancement.com

About Asset Enhancement Solutions, LLC

Asset Enhancement Solutions, LLC ("AES"), is a financial advisory firm that provides both Investment Banking and Consulting Services to companies considering important transactions such as selling a company, acquiring a company and raising capital. They specialize in arranging debt and equity financing for companies with challenges. Unfavorable challenges such as operational, legal, tax, financial or liquidity issues or positive challenges such as opportunities for growth, acquisitions and long-term success. AES works with middle market companies, public companies and small businesses. The firm was founded on the principle of providing innovative solutions and valued-added services for clients at competitive rates.

AES arranges financing for businesses when traditional banks say no, and as such, is a resource for businesses, their accountants and attorneys. AES can help banks maintain customer relationships by arranging financing for their customers with non-traditional funding sources. Asset Enhancement Solutions, LLC has arranged over $500 million in financing for both private and public companies in a variety of industries and geographical areas. They can manage the process of sourcing debt or equity financing which businesses need for short and long-term growth or survival. They never shy away from a challenge; they have the experience and expertise needed to find creative solutions.

To learn more about how Asset Enhancement Solutions, LLC can assist you with your transaction, please contact:

Neil Seiden, Managing Director

Asset Enhancement Solutions, LLC

405 RXR Plaza

Uniondale, NY 11556

(516) 767-0100

neil.seiden@assetenhancement.com

www.assetenhancement.com

Photo captions:

PPP Loan A

Neil Seiden (far left), Managing Director of Asset Enhancement Solutions, a financial advisory firm in Uniondale, and his team helped secure PPP Loans for several Port Washington area businesspeople, including Michael Block (background left), the Managing Partner of Block & Block CPA's, Nancy Sinoway (center), owner of Nancy Sinoway Tailoring & Alterations Studio, Bill Gordon (background right), owner of LI Boat Rentals and his son Christian Gordon (far right), President of LI Boat Rentals

Photo Credit: Robert Salzbank

PPP Loan B

Port Washington business owners Nancy Sinoway (far left), owner of Nancy Sinoway Tailoring & Alterations Studio; Bill Gordon, owner of LI Boat Rentals (second left); son Christian Gordon (middle), President of LI Boat Rentals; and Michael Block (far right), Managing Partner of Block & Block CPA's, were all assisted by Neil Seiden (second right), Managing Director of Asset Enhancement Solutions, and his team in securing PPP Loans.

Photo Credit: Robert Salzbank