Even after fixing the issue with the suggested solution which worked, this issue keeps popping up in a different way i.e. It now does not get stuck at North Dakota update with funny and weird large 10 digit progress bar, but when the Pro Series is started, it says the server / other program is busy and Switch or Retry.

Luckily, I got to speak with a very very helpful PS Tech Mr. Erik who had received similar feedback from other PS users.

I requested to him and thru our Community again request PS/Intuit to have a patch sent to all the PS Prof Users to fix the issue to avoid each individual user going thru this problem.