Schiff Dental Clients Update as of Monday, April 27, 2020 @ 8:45 PM EST

Dear Schiff Dental Clients

Good evening!

I hope each of you are well and safe!

We are here for you!


US Treasury Guidance

We were anticipating guidance from the US Treasury today, but as I am writing this as of 8:45 PM on Monday, April 27, 2020, we have not received any notifications as to when the guidance will be released. So, we are on “stand by”! If you have received your PPP Funds, please hold them and place them into a separate checking account awaiting our guidance.

PPP Funds – what is the Notification process ?

It is our understanding, the SBA will call your Cell Phone to inform you, you were approved for the PPP Forgiveness Loan. At that time, they will text you a “special code” to confirm your identity. Once confirmed, the funds will be placed into your account and you have 24 hours to executed the PPP Loan Documents.

EIDL Grants / EIDL Loans ?

With the new Stimulus funding, it is our understanding there was an additional $60B placed in the SBA EIDL Funds, to help fund those of you that have yet to obtain a EIDL Gant and / or EIDL Loan. Fingers crossed, you will contacted in the near future.

ADA Update

I am currently working with the ADA with the hopes of getting a “Income Tax Credit” for the investment you will have to make in the future for the new PPE Requirements. As you know, a Tax Credit is better than a Tax Deduction!

I am also asking the ADA to include in their letter to Congress, to include the use of the PPP Loan Funds for the cost of equipment and improvements to the facility to qualify for PPP Loan Disbursements.

The above is in process and had not been confirmed as of the date of this writing.


We are here for you!

Please stay well!

My best


Schiff Dental Clients Update – Friday, April 24, 2020 4:30 PM

Dear Schiff Dental Clients

Good Afternoon to all!

I hope each of you are well and safe along with your families

We are here for you!


Here is the Schiff Dental Clients Update – Friday, April 24, 2020 4:30 PM

Paycheck Protection Program (PPP) and Health Care Enhancement Act

President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act at 12:30 PM EST today, Friday, April 24, 2020.

PPP Loan Application – update

The Small Business Administration (SBA) has announced today, they will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EST from approved lenders. Please make sure your PPP Loan Applications are set up for “E-Tran” with your respective SBA Lender. The speculation for this delay is , there is hope that larger Corporations that received $10M (+/-), will return those funds to the SBA for redistribution to small business America.

If your Lender is NOT accepting applications, please consider a smaller lender in your market area.

Just a heads up – the speculation out there, is that these PPP funds will run out in 24 hours, not in days like last time (April 3, 2020).  There are that many pent-up PPP applications that are awaiting SBA approval. Time is of the essence! Please prepare your PPP Loan Application this weekend, if you have not done so.


Maryland Unemployment – update – Self Employed  

This morning at 7 AM EST, the Maryland Unemployment Division launched their new web site for the Self Employed. The web site went down , due to the fact there were 35,000 folks on the web site at one time. My suggestion is to apply after dinner tonight when the usage is less and hopefully access will be granted to you.


Here are the URL’s to consider using when applying for your Unemployment Benefits:


We are here for you!

Please stay well and enjoy the weekend!

My best


Schiff Dental Clients Update – Thursday, April 23, 2020 11:00 AM

Dear Schiff Dental Clients

Good Morning to all!

I hope each of you are well and safe along with your families

We are here for you!


Here is the Schiff Dental Clients Update – Thursday, April 23, 2020 11:00 AM

PPP Loan Application Update

Please check in with your Lender to make sure all of your financial documents meet their lending guidelines and are ready for the funding , once this next STIMULUS is passed (hopefully later today). Please ask your Lender, if your documents are set up for “E-Tran”.

PPP Loan Forgiveness

I have built two (2) spreadsheets, that are geared to satisfying the 75% / 25% test within the PPP Loan Proceeds. One shows the payroll paid being paid over 8 weeks , and the other has the 8 weeks being paid all at once. As of today, we do not know what the US Treasury guidance will be on how we can spend these funds and be in accordance with the PPP Program. We will have to wait for further guidance on April 27th.

If I had to “guess”, my guess would be, the US Treasury will want us to take our employees “off of unemployment” and begin to pay them now, as we start the 8-week process. We will not know for sure, until Monday, April 27th. As a result, we are suggesting, you hold onto your PPP Loan Proceeds, place them in a separate checking account, and just wait until we gather for their guidance before we can counsel you.

Maryland Unemployment for the Self Employed

As you are aware, the Maryland “One Stop” web site will go live tomorrow, Friday, April 24, 2020. Today, the Maryland Unemployment Division issued additional guidance which can be found here

To file a State of Maryland Unemployment (Self Employment) claim, you will need to have the following information available, as applicable:

Social security number;

Date of birth;

Residential and mailing address;

Telephone number and email address;

Name, date of birth, and social security number of all dependents under 16 years of age that you will claim, as well the same information for each dependent’s other parent, such as the social security number and date of birth for any dependents that you claim;

If you worked for the federal government, you will also need a SF-8 or SF-50 form; and

If you are separated from military service, you will also need Form DD-214, member 4 copy.

To file your PUA claim, you will need to provide information and supporting documentation about your work and income history, which may include the following:

Documentation of the income that you earned in 2019 (Schedule K-1, Form 1099, or summary of quarterly payments); (You will need your IRS Form #1040 , Schedule C from 2019) < please contact your Schiff Team Member for these documents

All necessary licenses and permits for your self-employment; (You will need a copy of your Maryland Dental License)

Proof of an offer to begin employment that was postponed or withdrawn due to COVID-19

ADA Offers PPE Guidance to Dentists

As many of you know, our neighbors in Commonwealth of Virginia are about to go back to work. We are still unsure about other States that our clients are located in. The ADA has posted Guidance to Dentists as it relates to the PPE Requirement. It can be found here

ADA – COVID-19 State Mandates and Recommendations

This is really a cool web page built by the ADA. If you type in your State where your practice is located, you will see regulations, recommendations and mandates regarding the safe practice of dentistry during the COVID-19 pandemic for your State

ADA – CDC Recommendations with respect to N95 Masks, KN95 Masks and Surgical Masks

Please visit this web site for CDC recommendations

ADCPA PODCAST on PPP Loan Update (Sunday, April 19, 2020)

The Art of Dental Finance and Management Podcast

PPP Loan Update with Megan Mortimer, ADA Congressional Lobbyist and Allen M. Schiff, CPA, President of the ADCPA


Megan provides an update on how Congress is attempting to add funds to the PPP:

A timeline

What the ADA is doing to advocate for dentists in Washington D.C.

Valuable resources dentists can access through the ADA


Art, Megan and Allen also discuss:

Updates to the SBA regulations

Strategies dentists need to consider once they receive the money

How the money should be spent

How to account for the funds

How the government forgiveness works

I hope you enjoy the PODCAST and gain some insight by doing so!


Please stay well and safe!

We are here for you!

My best


Schiff Dental Clients Update – Wednesday, April 22, 2020 8:15 AM

Dear Schiff Dental Clients

Good Morning to all!

I hope each of you are well and safe along with your families

We are here for you!


Here is the Schiff Dental Clients Update – Wednesday, April 22, 2020 8:00 AM

2nd major STIMULUS due this Thursday (tomorrow)

Yesterday, Republicans and Democrats in the US Senate agreed on an emergency program worth $484 billion to help small businesses, hospitals and boost coronavirus testing in the country. We are expecting the HOUSE to approve such STIMULUS tomorrow, Thursday, April 23, 2020.

PPP Loan Application Update

Many of you have already been notified by your SBA Lender, that you have been APPROVED for your PPP Loan. Congratulations!  However, many of you have NOT BEEN APPROVED.  It is our suggestion, that today, you contact your Lender, to make sure your PPP Loan Application along with supporting documentation is all set and ready to go, as soon as tomorrow, just in case your lender receives the funding to fund your PPP Loan. We expect the portion of the Stimulus set aside for the PPP Loans to go quick , like it did last time (April 3, 2020 through April 16, 2020)

PPP Loans – What is your Strategy?

Please hold your PPP Funds in a separate checking account for now. We are awaiting further guidance from the US Treasury on how these funds can be expended,. The guidance is expected to be released on April 27, 2020. Once we receive the guidance, we will be happy to meet with you, with hopes of maximizing your PPP Loan Forgiveness.

Maryland Dental Clients – Self Employed (Maryland Unemployment)

For those of you who are self employed and work in Maryland, you can file for Maryland Unemployment this Friday, April 24, 2020. We are expecting the Department of Labor to Launch its new web site, “One Stop Maryland” tomorrow.

Virginia Dental Clients

On April 15th Governor Northam ordered dental offices to postpone elective procedures until after April 24th. For further information, please click here>

EIDL Grants, EIDL Loans & PPP Loans

We are expecting additional EIDL Grants and EIDL Loans with this next Stimulus Package. It is estimated there is $60B set aside for the EIDL Program. So, we are hoping you will be notified by the SBA for your EIDL Grant and / or EIDL Loan, if you have not received thus far. In addition, please e mail your Schiff Team Member, the amount of your EIDL Grant, EIDL Loan and PPP Loan, the dates you were notified of each. We are tracking this information for all Schiff Clients, By doing so, we will have one master list that we can refer to. This list will help us manage your “8-week period”.


Please stay well and safe!

We are here for you!

My best


PPP Update with Megan Mortimer and Allen Schiff, CPA – The Art of Dental Finance and Management Podcast

21204 dental CPA

Informative weekly podcast for dental practices.

This week’s topic:
PPP Update with Megan Mortimer, ADA Congressional Lobbyist and Allen Schiff, CPA, ADCPA President


21204 dental CPA


Today, Art visits with two people who have been very instrumental in helping dentists across the country through the COVID-19 Pandemic:

  • Megan Mortimer, Congressional Lobbyist for the American Dental Association
  • Allen Schiff, President of the Academy of Dental CPAs

Megan provides an update on how Congress is attempting to add funds to the PPP:

  • A timeline
  • What the ADA is doing to advocate for dentists in Washington D.C
  • Valuable resources dentists can access through the ADA

Art, Megan and Allen also discuss:

  • Updates to the SBA regulations
  • Strategies dentists need to consider once they receive the money
  • How the money should be spent
  • How to account for the funds
  • How the government forgiveness works

This is a very informative, insightful, and timely episode to help dentists navigate these challenging times.

This podcast sponsored by:

Crosstex International, now a proud member of HuFriedyGroup, and a recognized leader for its portfolio of Personal Protection Equipment (PPE), Dental Unit Waterline Treatments, Chemistries, Sterilization, Preventives, Nitrous-Oxide Equipment, and Single-use Disposables products.


Listen Here!

Subscribe Today!

The best way to listen to podcasts is to subscribe. By subscribing, you will receive a notification when a new episode is available. New episodes will be published weekly and will be automatically downloaded to your mobile device or computer.

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Podcasters Paradise

4top Podcast



Schiff Dental Clients Update – Sunday, April 19,2020 , 8:30 AM – Handouts for Clients – Schiff & Associates

Good Morning to all! I hope everyone is safe and well!

Happy Sunday to all!

We are here for you!

We have attached three (3) Handouts for your review

  1. EIDL & PPP Eligibility Guide – what expenses should you be paying with what Loans? Please keep in mind, these may change, once we received additional guidance. Please try to avoid paying Payroll with your EIDL Loan.
  2. PPP Loan Spending Guide – this is a decision tree we have created in conjunction with the ADCPA. This will give you an idea as to what you should be doing over the next 8 weeks, once you receive your PPP Loan Proceeds. Each of you have a different Agenda. Please reach out to your Schiff Team Member if you need help.
  3. PPP Loan Decision Tree- this is a decision tree, based on your PPP Loan, and whether you should use your PPP Loan Proceeds for what they were intended for, or just have a PPP Loan @ 1% (payable over 2 years) or consider the Employee Retention Tax Credit (RTC) in lieu of the PPP Loan. We can help explain the RTC, the Retention Tax Credit if that is of interest to you. It is our opinion, the PPP Loan will be a better deal for you in most cases.

Please keep in mind, this is our current understanding. We are still awaiting the US Treasury guidelines, which should be issued by April 27, 2020

Currents Stats on the PPP Loan Program

Please click on the hyper link below. You will see the amount of PPP Loans granted so far ( $342,277,999,103) an the number of PPP Loans granted (1,661,367) along with a State by State allocation of the PPP Loans. Also , please notice the other industries Dentistry is competing with (Construction, Professional, Manufacturing, Food Services and Retail, etc. etc.)

Pelosi: Lawmakers ‘very close’ on bipartisan agreement for additional PPP funding

We are hoping for those of you that did not receive your PPP Loan Proceeds as of this past Friday, this article should create some encouragement for you

Sole Proprietors – State of Maryland

This coming Friday, April 24, 2020, the State of Maryland will be launching its New Web Site for those of you that have not been able to file for Unemployment due to the fact you are a Sole Proprietor and the State of Maryland does not have any wages recorded for you. The New Web Site will be called “One Stop”.


We are here for you!

Stay well!

My best to all!


EIDL & PPP Expense Eligibility Guide – from Schiff & Associates
PPP Loan Spending Guide – from Schiff & Associates
PPP Loan Decision Tree – from Schiff & Associates

Towson MD Dental CPA | Smart Money – Filing Taxes with an Accountant

Did you know that more than 65% of failed businesses blame financial mismanagement as their downfall? This is why forming a good relationship with a professional financial advisor is paramount to the longevity of your business.

Towson MD Dental CPA

When is the most important time to have this established relationship in place? That’s right – tax time. If you’re thinking about taking any shortcuts during this time (like using online software), you may want to reconsider. Why risk your entire business by cutting corners on something so crucial? Consider these reasons why you should work with a professional accountant.


Accountants understand tax code. Tax code is not only complicated – it changes frequently. It’s literally a full-time job interpreting and staying up to date. A financial professional will be able to guide you through this and take that stress off your plate. You’re already busy enough without having to keep up to date on tax law. Knowing you’re working with a professional can eliminate the stress of tax compliance. It’s hard to put a price on peace of mind.


Accountants know how to get you more deductions. Everyone wants to maximize their deductions, but only a true professional financial expert can get you everything you deserve.  Don’t leave any money on the table and don’t overpay on your taxes. Working with an accountant throughout the year will ensure you have the documentation you need to get your deductions and not overpay your taxes. This is exceptionally important especially for small businesses, like most dental offices.


Accountants minimize your risk. Are taxes the place where you want to cut corners and take a risk with your business and your team’s financial future? One mistake can land you in a heap of trouble. No one wants to deal with any sort of issue with the IRS let alone an audit. If you run into one of these scenarios, you’ll wind up paying far more than you would have if you worked with a professional from the beginning.


Everyone is willing to take some risks, especially small business owners and entrepreneurs.  Being brave enough to start your own business or follow your dreams is a risk in itself.  Don’t jeopardize your dream by cutting corners on one of the most important tasks of every year.  Work with a financial professional and allow yourself the peace of mind to protect what you’ve built. Contact Schiff & Associates, CPA today.



Schiff Dental Clients Update, Thursday, April 16, 2020 at 12:30 PM

Good afternoon Schiff Dental Clients

I hope each of you are well!

We are here for you!


PPP Loans are now exhausted

At 12 Noon today, Thursday, April 16, 2020, we were just notified, the PPP Loan Funds have been exhausted, just like we predicted on Tuesday of this week!

Please click on this link, for further details >>

Here is a e-mail we just rec’d from a large local bank>>


Sent: Thursday, April 16, 2020 11:35 AM

To: All Employees

Subject: PPP Funding is Depleted – Updated Communications Coming Shortly

The Bank has been notified that the SBA is unable to accept any more applications for the PPP program based on available appropriations funding at this time – the money is depleted.   We will be sending updated communications shortly.  Until then, please do not draft your own responses to customers without prior review and approval from compliance and marketing.   Thank you for your patience as we work as quickly as possible to provide additional information and updates.



Received this morning from >> Wall Street Journal Bloomberg Forbes

Paycheck Protection Program set to run out of cash

The Paycheck Protection Program has exhausted most of its initial allocation of $350bn, with the Small Business Administration reporting that as of late Wednesday, it had approved more than 1.5m loans valued at more than $324bn. “The fund being exhausted clearly puts pressure on Congress to act and come to a reasonable conclusion,” said Rep. Patrick McHenry of North Carolina, the top Republican on the House Financial Services Committee. “Every day that passes that we don’t fund this program, more pain is felt by small-business folks and their employees.” Both Democrats and Republicans want to add $250 billion to the small-business aid program, but have been sparring for days over whether to add restrictions to the funds. Democrats want to expand access to the loans as well as include more money for hospitals, food assistance and state and local governments. Republicans, meanwhile, said they want to keep the bill focused on increasing small-business aid and defer other funding debates until the next, broader legislation is crafted. A resolution could be reached this week, with both chambers of Congress set to hold brief sessions.

PPP Loan Update

As you are well aware, we are suggesting you hold onto your PPP Funds for now, and not disburse them , until we have further guidance from the US Treasury and the SBA. We are also waiting on NEWS from the ADA, with hopes that Congress will change their stance on , “when does the 8-week period begin?”. As soon as we hear anything of substance to report, we will get that info out to you!

Here are the highlights of the ADA Letter, dated April 15, 2020, sent to The Honorable Nancy Pelosi, The Honorable Kevin McCarthy, The Honorable Mitch McConnell and The Honorable Chuck Schumer

………………………. We strongly support the Congressional efforts underway to increase funding for the PPP loans, EIDL loans, and EIDL grants to the greatest extent possible. Additional funding for these loans will help ease the burdens many dental practices and other small businesses are facing as the pandemic continues without an end in sight. Crucial business decisions will need to be made in the coming weeks and without additional funding we fear a return to normalcy will not be possible for many.

We further urge Congress to help streamline the SBA loan application process as many dentists report having great difficulty in accessing available loans and grants. We also request that the decision to limit the EIDL grants to $1,000 per employee be rescinded, as this does not take into account differences in compensation and small businesses were not aware of this limit when applying.

We would also like you to consider allowing small business dental practices to choose the 8-week period for which they seek forgiveness for the loans and rehire back staff before December 31, 2020, instead of requiring them to rehire staff by June 30, 2020. This would allow these practices to make decisions about staffing and payroll based on when they plan to fully reopen. The Occupational Safety and Health Administration classifies dental health care personnel in the very high exposure risk category[1] and the ability to fully reopen dental practices is contingent on the ability to completely control the coronavirus pandemic in a relatively short period of time.

We would welcome the opportunity to speak with you in more detail and answer any questions you have regarding these comments. ………………..

We need to cross our fingers and toes, and hope that Congress hears the ADA and the 160,000+ Dentists across America!

Montgomery Maryland  “Grants” – Schiff Clients, please read below:

If your practice is located in Montgomery County, MD, this maybe of interest to you! Please click on the hyper link below:

We are here for you!


My best to all

Stay well!


Schiff Dental Clients Update, Wednesday, April 15, 2020 12 Noon

Good Morning Schiff Dental Clients!

Happy Wednesday! I hope each of you are safe and well!

We are here for you!

Here is an update, as of Wednesday, April 15, 2020 12 Noon


EIDL Grants

Many of you, since Monday of this week, have started to receive your EIDL Grants. We will need to know if you received your EIDL Grant, what day you received it and to what amount. The reason for this is, the EIDL grant will impact the overall loan forgiveness of your PPP Loan. Please e-mail your Schiff Team Member, so we can track such information.


EIDL Grants – if you are a 1040 Schedule C Taxpayer with employees and / or a Partner in a Partnership IRS form #1065 Schedule K-1 with employees

If you meet one of these criteria, please be certain you are maximizing your EIDL Grant to the max of $10,000 per practice. If you have more than 10 employees, your maximum EIDL Grant will be limited to $10,000. However, if you have 6 employees PLUS yourself as a self employed individual, you should receive $7,000 and not $6,000. If this is the case, I am suggesting you call the SBA at 800-659-2955, and explain to them , you are also employed at the practice and as a self employed individual. Please be sure to have your Federal ID# available at the time of your call to the SBA.


EIDL Loans

Many of you are receiving your EIDL Loans from the SBA. What we would like you to do, is to set up a separate Checking Account with your Bank as well as set up a separate General Ledger Account within your QuickBooks / Peachtree file as well. The reason for this is, we will need to render an accounting to the SBA, to confirm you are spending of your EIDL Loan funds are in accordance with your Loan Agreement with the SBA. These funds are open to audit over the next three (3) years. Please do NOT use the EIDL Loan for Payroll. You can use the EIDL Loan for current accounts payable, current vendor bills like Dental Supplies, Lab Fees and other related overhead, etc.


PPP Loan Funds

Many of you are receiving your PPP Loans from your respective Bank. What we would like you to do, is to set up a separate Checking Account with your Bank as well as set up a separate General Ledger Account within your QuickBooks / Peachtree file as well. The reason for this is, we will need to render an accounting to the SBA and your Bank , to confirm you are spending of your PPP funds are in accordance with your Loan Agreement with your Bank. These funds are open to audit over the next three (3) years.

The current US Treasury regulation state, once the SBA approves your PPP Loan, the Bank must disburse the funds to you within 10 days. Once you receive the PPP Funds, you have “8-weeks” to spend them in accordance with the CARES ACT. We would like you to inform your Schiff Team Member when you receive your PPP Funds, so we can track them and also create a “Game Plan” for you in terms of spending in order to afford you , the maximum loan forgiveness. We will also need to know if you received your EIDL Grant (see above), what day you received it and to what amount. The reason for this is, the EIDL grant will impact the overall loan forgiveness of the PPP Loan.

*** PLEASE HOLD YOUR PPP LOAN PROCEEDS as of now, until we gain further guidance from the SBA, the US Treasury and the ADA. We are hoping the ADA will be successful with their lobbying, thereby creating a delay as to when we have to spend the PPP Loans. My fingers are crossed, hoping we can spend them when we all go back to work! I will confirm with you as soon as I hear. But for now, please HOLD YOUR PPP FUNDS and do not spend them.


Availability of PPP Loan Funds

Yesterday, we were informed from our sources within the ADA and the SBA, the PPP Loans will be fully funded by this Thursday, April 16, 2020. So, if you have already filed for your PPP Loan with your Bank, you should be in line to receive your allotted 2020 PPP funds!


Baltimore City ? – if your Practice is located in Baltimore City …please read on!

Today, the City of Baltimore announced a partnership with Goldman Sachs and Lendistry to provide $10 million in potentially forgivable SBA Paycheck Protection Program loans to help vulnerable Baltimore City small businesses, including non-profit organizations, weather the economic impact of COVID-19. This program is made possible through the federal government’s C.A.R.E.S. Act and Goldman Sachs’ Small Business Stimulus Package. This fund targets underserved businesses, including those which do not currently have a relationship with a traditional bank.

In partnership with Goldman Sachs, Lendistry, a Community Development Financial Institution (CDFI) and an SBA authorized PPP lender, will begin accepting applications immediately. To apply, click HERE.

Lendistry also offers online technical assistance to applicants, including their PPP Resource Guide and Payroll Resource Guide, which can be easily found on their homepage.

Applicants should have the following documents on hand before applying:

  • 12 months of payroll documentation, including wages, health and retirement benefits and state taxes paid
  • Primary owner’s photo ID
  • 2019 Tax Return, or 2018 Tax Return & 2019 Year-End Financial Statement, or 2019 1099
  • Corporate Documents (varies by entity type: Articles of Inc., By Laws, Operating Agreement, Fictitious Business Name, Partnership Agreement)

Applicants can also contact Lendistry directly at 1.844.662.7297 or

Baltimore Development Corporation

I hope you found the above informative. If you have any questions, please e -mail your team member at Schiff!

Please stay well!

We are here for you!

My best to all


Schiff Clients Update as of Tuesday , April 14, 2020 at 6:00 PM EST

Good afternoon Schiff Dental Clients
I hope each of you are doing well and are safe!
We are here for you!

Today, we were informed from our sources within the ADA and the SBA, the PPP Loans will be fully funded by this Thursday, April 16, 2020. So, if you have already filed for your PPP Loan with your Bank, you should be in line to receive your allotted 2020 PPP funds!

However, IF YOU HAVE NOT YET applied for your PPP Loan, I would suggest you start to gather the various documents ( see list below) tonight and submit them within your Banks Portal immediately. Many national consultants are suggesting you wait to apply for your PPP Loans. If I were you , I would not pay attention to this information and file for your PPP Loan BEFORE the designated funds run out .

Many Banks are requiring the following financial documents:

  1. Drivers License – front and back
  2. 2019 Employee W-2’s
  3. 2019 Health Insurance paid
  4. 2019 401k  / SIMPLE Match
  5. 2019 State Unemployment Taxes Paid
  6. Signed and Dated PPP Loan Application

Good luck! Please start the process ASAP…….We are here for you!
Stay well!
My best

Schiff Dental Clients update as of Monday, April 13, 2020 8:35 PM EST

Dear Schiff Clients

We are here for you!

Good evening!


PPP Loan Applications

I want to first clarify the 7 PM e-mail update from this evening’s e-mail. Since the introduction of the PPP Loan, I am suggesting to all clients, that you apply for your PPP Loan. If you chose to accept it, we will need to determine your strategy. If you chose not to accept it, that’s your choice!

EIDL / SBA e-mail

At 8:35 PM , this evening, I was notified about the SBA EIDL / PPP Program. (see below) . With respect to the EIDL Grant >> please note this >> To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

Now we have a clear understanding on how your EIDL Grant will be determine. Please check your e-mail (and / or JUNK or SPAM mail) for the same notification. You should have a notification as well!

Have a nice evening!

We are here for you!

My best


Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:

                                 Paycheck Protection Program                  Full EIDL Loan

PURPOSE Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable) To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)
TERMS Up to $10 million

1% interest rate

Up to $2 million

3.75% for businesses

2.75% for non-profits


YES – EIDL Advance

MATURITY 2 years 30 years
FIRST PAYMENT DUE Deferred 6 months Deferred 1 year


To locate a Paycheck Protection Program Lender, please visit:

Information on available resources may be found at For more information on these services, please go to to locate the email address and phone number for the nearest SBA district office and/or SBA’s resource partners.

Schiff Dental Clients update as of Monday, April 13, 2020 7:00 PM EST

Good Monday Evening to all Schiff Clients!

Happy Easter to all! I hope you and the family are doing well!

We are here for you!


ADA Lobbying update

Here is an update for you!

The ADA has written a letter to Congress (please see the attached) asking Congress for help………to delay the 8-week period, and using the PPP Funds for what they are intended for. I am hoping that Congress will react to the ADA letter in a positive way.

“We would also like you to consider allowing small business dental practices to choose the 8 week period for which they seek forgiveness for the loans and rehire back staff before December 31, 2020, instead of requiring them to rehire staff by June 30, 2020. This would allow these practices to make decisions about staffing and payroll based on when they plan to fully reopen”

I also hope all of the other industries (Restaurants, Hospitality, Travel, Sports, Theater , Retail , Airlines , Cruise Ships, etc etc) write a similar letter to Congress. If we can flood Congress with these types of letters, we will have hope they will listen to Small Business.


PPP Strategy as well as the computation of the PPP Loan Forgiveness

I think we should wait on the PPP Strategy as well as the computation of the PPP Loan Forgiveness because of this ADA letter and its chances of having the rules changed again AND because the US Treasury will be issuing regulations of the PPP Loan Program on April 27th. At that time, we will have a clearer picture as to what expenses would be allowed to arrive at the PPP Loan Forgiveness

My guess, this will all change again…..we will also gain clarity about the retirement plan accrual from 2019, as well. The rule to spend the funds by June 30th has changed too, and I suspect it will change again! Stay tuned!


Find your state’s disaster relief loans, financial support options, and other Coronavirus (COVID-19) resources for dentists and teams


There’s also a new loan tracker that has some interesting stats and is growing:

Video ? ….Cute short Video is also attached………….. thank you Dr Mel Weissburg my fellow Board Member of the MSDAF!


We are here for you!

Please Stay well & Safe!

My best


ADA PPP EIDL Funding Increase and Flexibility Letter to Congress

Schiff Update, Friday, April 10, 2020

Good Morning Schiff Clients!

Happy Good Friday to all!

I hope each of you are well and safe!

We are here for you!

IRS Update

Overnight, the Internal Revenue Service created some clarity for when your 2020 Quarterly Tax Payments would be due. So instead of having Payments due June 15, 2020 (2nd Quarter) and July 15, 2020 ( 1st Quarter), the Regulations point to BOTH the 1st Quarter and the 2nd Quarter are now BOTH due July 15, 2020 as one combined payment.  To me , that makes sense!

Independent Contractors

Today, April 10th is your day to file for your Paycheck Protection Program (PPP) Loan. We currently, do not have clarification from the SBA nor the US Treasury on how you as an IC , will submit your financial documents. My best advice at this time is , to please contact your SBA Preferred Lender Bank and inquire with them.

MSDA Webinar from TODAY  

Will be posted on


Yesterday (April 9, 2020) a number of 9,000+ ADCPA Dental Clients, received notification from the SBA, saying they were approved for $25,000. The $25,000 includes the $10,000 EIDL GRANT (which does not have to be paid back) and a preliminary EIDL Loan of $15,000 (30 years Loan at 3.75% Fixed) for their immediate working capital needs. The SBA message went onto say, do you want to accept the $15,000 EIDL Loan or would you like to apply for a greater EIDL Loan? Each of you will have a financial decision, when you receive your SBA notification.

I will continue to update you as the day progresses, if updates are warranted

Please enjoy the weekend!

We are here for you

My best to all


Schiff, Update Thursday, April 9, 2020

We are here for you!

Yesterday afternoon an updated FAQ’s was released on the Treasury’s website as to when the funds must be disbursed and when the 8 week period for forgiveness begins. Previously, some banks have mentioned an applicant could apply and not accept the loan until a later date. The FAQ’s posted on the Treasury website clarify that some funds must be distributed within 10 days of applying and that initial disbursement will start the 8 week period. Please take this into consideration when speaking with your lender when determining when to submit your application. We will be discussing this at length, on TODAY’s Schiff Client (ONLY) webinar.

Paycheck Protection Program (PPP) Loans

The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over an eight-week period; when does that eight-week period begin?

Answer: The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten (10) calendar days from the date of loan approval.


Practice applies for a loan today 04/08/20

Practice is approved by 4/10/20.

Practice must take an initial disbursement by 4/20/20 (assuming max deferment)

If the disbursement is taken by 4/20/20, only costs spent before 6/14/20 are eligible for the forgiveness (“the 8-week period”)

The CARES Act excludes from the definition of payroll costs any employee compensation in excess of an annual salary of $100,000. Does that exclusion apply to all employee benefits of monetary value?

Answer: No. The exclusion of compensation in excess of $100,000 annually applies only to cash compensation, not to non-cash benefits, including employer contributions to defined-benefit (Cash Balance) or defined-contribution retirement plans; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums; and payment of state and local taxes assessed on compensation of employees.

What time period should borrowers use to determine their number of employees and payroll costs to calculate their maximum loan amounts?

Answer: In general, borrowers can calculate their aggregate payroll costs using calendar year 2019. Applicants may use their average employment over the same time periods to determine the numbers of employees. An applicant not in business for the period between 2/15/19 and 6/30/19 may use the average payroll for the period 1/1/20 through 2/29/20.

Should payments that an eligible borrower made to an independent contractor be included in calculations of the borrower’s payroll costs?

Answer: No. We understand some major banks are still requesting this information but it is incorrect.

How should a borrower account for federal payroll taxes and withholding when determining its payroll costs for the purposes of the maximum loan amount?

Answer: Under the Act, payroll costs are calculated on a gross basis without making an adjustment for employee withholdings. The employer’s portion of the FICA tax (Social Security and Medicare) is not added to payroll costs. We understand it is a cost, but it is not an eligible cost for the purposes of this program. Some major payroll companies have been including these totals in there reports which is incorrect. You can input some of the data from your payroll company’s report onto our Schiff excel template to help you determine your approximate PPP Loan.

Do lenders need to independently verify information about affiliates?

Answer: No, it is the responsibility of the applicant to determine which entities are affiliates and determine the number of employees of the applicant and affiliates. Lenders are permitted to rely on the borrower’s certifications. Please remember, the purpose of the affiliation schedule is to make sure that businesses under common management have less than 500 employees. If you have multiple offices or have a PC owning a partnership interest we are recommending disclosing the related entities, the number of employees, and that there is common management. As long as the aggregate number of employees is under 500, this information won’t impact your loan application, it is just disclosure.

ADCPA PODCAST on the EIDL and the PPP Loan (April 5, 2020)

We are here for you!

Stay safe and healthy!

My best to all


Schiff Update, Tuesday, April 7, 2020, 4:15 PM

Good afternoon Schiff Clients!

I hope each of you and your families and employees are safe!

We are here for you!

We are receiving a lot of questions from clients about how to apply and when to apply for a Paycheck Protection Program Loan (PPP Loan Application Process). Each Financial Institution is different. Each Bank is requesting different financial documentation. There is no coordination from the SBA nor the US Treasury. So, we are all dependent on your Bank.

We understand this is the most critical question every dental practice has. If you receive the PPP Loan before it is needed, what can you do , what should you do?

I wanted to share my firm’s thought process with you , so we can help you make the best decision for your practice. You have to make this business decision as soon as possible, which is why we are suggesting you read through the options and worst-case scenarios we have listed below. There is no correct / wrong answer to this decision. What matters is, what is best for you and your practice.  Unfortunately , the outcome is based on factors outside your control. For example,  when the ADA and the various State Boards inform us we you can reopen. Since we cannot control any of these factors, each of you will need to make a decision that you feel is best for you and your practice.

As I see it, here are your Options:

  1. Apply today for a PPP loan, possibly get the funds as soon as possible, and spend the PPP during the next 8 weeks of receiving the funds. That’s great, but if the PPP Loan Origination date is let’s say is 4/13/20,  you will need to spend the PPP Loan by 6/08/20, or the 8 weeks window will have expired. I need to check with the ADA and the SBA, to see if the SBA and the U S Treasury , will allow us to pull the PPP Funds down now, and hold them until we all go back to work. I am not putting a lot of confidence in this happening. I hav ebeen in touch with the ADA through this process….Geeze!
  2. Apply now for a PPP loan, have the origination date delayed, if you can. Some banks say they can allow this; however, many banks are saying they cannot delay funding. Unfortunately, this is simply another factor that is outside your control as there is no consistency. Banks are learning as they go as to what options they can offer. I would certainly get a definitive answer from your bank on this point. One of our clients received an e-mail from PNC today, and they are saying “No, you can’t delay.  Once the application is approved the funding is done right after that”…..another Geeze!
  3. Wait to apply for a PPP loan, apply when you are about to reopen. This is the ideal situation, but the risk is the funds could run out. Yesterday, Wells Fargo annouced their funds ran out. There is  $349 billion in funds available for this program, but they could run out. No one knows if the funds will last or if they will be replenished. If you wait and don’t get a PPP loan, the consolation prize is you might be eligible for a credit 50% of wages paid in Q2, up to $5,000 per employee. The details of that are complicated though.You cannot obtain a PPP Loan and receive the Payroll Tax Credit, it is an either or.
  4. Other Financial issues surrounding the PPP Loan process and its timing
    1. You will be paying employees not to work at some point during that 8 week
    2. It may be possible that with the state and federal unemployment (additional $600 per week on top of state unemployment), your team could be earning more money on unemployment. So, by you deciding to pay them now, in effect reemploying them, they could start making less money than if they stay on unemployment….another Geeze!

Additional Information

We were just informed from the ADA, “Mnuchin just said at the White House small business briefing that he looks forward to the House passing the $250 billion pension package on Friday (Aprl10th) after the Senate passes it on Thursday (April 9th).  We’re still waiting to hear whether Schumer will object in the Senate on Thursday”.

Worst-case scenarios:

  1. You get the funds in a week or so, you spend the funds on eligible costs during the 8-week forgiveness period that ends in June, and you need to pay employees at the end of June even if you are not open. Your cost is the expense in those weeks after the loan runs out but at least you built some goodwill with your employees, unless they are getting unemployment and it is higher than what you pay them.
  2. You get funds, keep employees on unemployment, and don’t use the majority of the funds until after the 8 weeks. You end up with a loan that has 1% interest for 2 years to pay wages when you reopen. Not free money, but cheap working capital and, if you can’t reopen for some time, this working capital is probably necessary.
  3. You wait for the loan and it isn’t available when you need it. You may have to look for alternative financing

None of those scenarios are terrible – they just aren’t as ideal as having 8 weeks of payroll covered. Again, the factors are out of our control, so we don’t have an answer. I know some consultants say wait as the money will be replenished if it runs out. This is fair, but we don’t really know if that will happen. Others say apply now and don’t wait. Also, fair, but you might be paying employees to sit at home. The point is no one knows the best answer, but all the options are reasonable as long as you know the risk and rewards of each.

And finally,  if and when you do apply and receive the proceeds from the PPP Loan, we are currently recommending that you open up a separate checking account to track the use of these funds; this will be important from a loan forgiveness basis. The same is true for the EIDL Loans. If you receive the proceeds from an EIDL Loan, please consider opening a spearate checking accout to track such funds.

Allen’s Webinars this week
1) ADA tomorrow at 3 PM
2) Schiff Client Webinar 10 AM on Thursday

3) Madow Brothers, 1 PM Thursday
4) MSDA Webinar, Friday at 10 AM
5) Robert T Freeman Dental Society, Friday at 2 PM


Please stay safe and healthy!

We are here for you!

My best to all


Schiff Update 12 Noon , Monday , April 6, 2020

Good afternoon to Schiff Dental Clients

I hope everyone is safe & well.

At 12 NOON , on Monday , April 6, 2020, here is a ADA Update, M & T Bank , TD Bank, BOA and other Banks and their PPP availability


ADA– I just heard from the ADA, and the ADA shared with me they won the issue as to whether or not you can file for an EIDL Loan and a PPP Loan and get both. The ADA won! ….…The SBA will be issuing a statement that you can get both loans.

M& T Bank Update

From my contact at M & T Bank >>>>its best for customers to visit the following landing page which provides information they should have ready to streamline the process (including documents needed).

TD Bank Update

TD Bank is accepting applications for SBA Paycheck Protection Program (PPP) loans electronically through our website.

Here’s what you need to know:

  • You can apply directly at
  • Please visit our site as soon as possible to view the eligibility guidelines and documents required when submitting your application.
  • Here is additional information you may find helpful:
  • PPP does not require collateral or a personal guarantee but does require supporting payroll documentation.
  • If approved, loan proceeds with be deposited into a TD Business deposit account.
  • This is a limited time program that is only available until June 30, 2020.
  • For more information, please visit the SBA website at this link.

BOA Update

This list is from one of our Schiff Clients >>

We completed the application which asked for some information, such as:

  1. Average Monthly Payroll (per our calc) ……    BOA is asking for reports for all of 2019 through Feb 15 2020
  2. The amount we were requesting for the loan
  3. Name (including DBA), address, phone, fax of the practice
  4. Business organization (LLC, C Corp, S Corp, etc.)
  5. Ownership name, address, phone
  6. Contact name, address, phone, role/title with the business
  7. Check box questions re: good legal standing – no felonies, disbarred, discredited, etc.
  8. Check box statements re: all info provided is true and correct to the best of my knowledge.

It seems BOA will let you apply to “get in line” and then will ask for documentation at a later time.  It took me about 15 min to get through the application.  As of now it seems that they are only concerned with payroll documentation.

PNC Update

Please refer to my e mail of yesterday , on PNC financial document(s) requirements


Finally, if you need help in compiling your financial information from SCHIFF, please reach out to your Schiff Team Member. They will be happy to help you

Please stay well!

My best


Towson MD Dental CPA | Strategies to Boost Profitability

According to Dr. Charles Blair, DDS, most dental practices are losing between $30,000 and $50,000 in potential profits. How can dental practices maximize return on their services and start to recoup capital? Here are three strategies to boost profits in your practice:

Towson MD Dental CPA

Optimize your Practice

Taking a look at production reports to make sure procedures were coded correctly. This may seem fundamental, but it can save a lot of time and money in the long run. One incorrectly charged procedure can increase costs over the course of a year.

In addition, adding high-dollar procedures to your practice such as endodontics, bleaching, and other cosmetic services can greatly boost your profit. Training dental hygienists in more complex procedures, such as soft-tissue management and bleaching, will also maximize a dental practices’ profitability.

Staff your Practice Well

In order to recruit and hire the best possible candidates, it is worth paying above average wages to experienced people in the field. This avoids employee turnover, which can become costly. A friendly and knowledgeable team will also help with patient retention rates.

Facilities and Equipment

If possible, purchase all your dental and office equipment, rather than leasing it. This avoids a number of issues, including higher retail costs, interest payments, hidden fees, and lease-breaking penalties.

Strive to maximize your office space. If your current patient volume doesn’t allow you to use all your offices, consider subletting either your primary or secondary office space. Also, merging your office with another dentist can help you in fully utilizing your space and also reduces overhead costs.

There are a variety of ways to boost profits and cut costs while owning a practice. To start, think about your services, staff, and office space. Opening a practice can be costly and leave many dentists in debt, especially after finishing school. Contact Schiff & Associates, CPA today for help on managing your budget and ways to maximize your return on investment.

PNC PPP Loan Application Process

Good Morning Schiff Clients!

Happy Sunday! I hope everyone is well and safe!

For the PNC PPP Loan Application, you will need the following information completed prior to beginning the PPP Loan Application process for the System will “time out” and you will have to start over, for your information is NOT SAVED.

You need to create scans (PDF) of the following documents prior to starting the PNC PPP Loan Application process

  1. Copies of your Practices Monthly Gross Payroll (from your monthly payroll service) for the period of April 2019 through March 2020, you will need individual scans of each month. Please adjust the monthly gross payroll, for the excess compensation over $100,000 annually , back to the allowable amount of $8,333.33 per month ($100,0000 /12 months). You will need twelve (12) scans here, and each has to be uploaded separately within the respective month
  2. Copies of your IRS Forms #941 for 2019 Q2, Q3 and Q4 and 2020 Q1 AND Copy of your IRS Form 940 for 2019, all as one scan
  3. Copy of your Driver’s License – front & back
  4. Copy of Health Insurance Paid between April 2019 and March 2020, for both you and your team
  5. Copy of your 401k / Simple Match for the period of April 1, 2019 through March 31, 2020, to include Retirement Plan Accruals paid during this period for your Profit Sharing and Cash Balance Plans
  6. You will need to Print the PNC PPP Loan Application , sign and date, initial various questions, scan and include before the system times out. Keep clicking your mouse, so the system does not time out

My suggestion and to avoid the frustration with compiling so many financial documents, all at one time, is to compile of your documents before you start the PNC PPP Loan Application process. If you do, you can complete the PNC PPP Loan application within 30 minutes! The PNC PPP Loan Application is very user friendly, as long as you are thoroughly prepared

If you need specific help from PNC, please e mail Irina Falletta You can access the PNC PPP Loan Application through your on line banking.

Good Luck!

We are here for you

Many thanks

My best


Banking Update 04/03/20

Dear Schiff Dental Clients

Good Afternoon!

Here is a banking update as of April 3, 2020 5:30 PM

BOA – accepting Loan Applications – ONLY if you are a commercial loan client with them or a BOA Credit Card Holder
(i.e) 1) Bank of America small business loan 2. Bank of America checking account for the business 3. Bank of America business credit card If the client has two of three items above they can apply for the PPP.
Chase Bank – accepting Loan Applications
Citicorp – next week – they will be accepting Loan Applications
First Citizens Bank – over the weekend they will be ready
Fulton Bank (formerly Columba Bank) – accepting Loan Applications now
Huntington Bank – accepting Loan Applications now
M & T Bank – they will be ready Monday , April 6, 2020
PNC Bank – should be later this afternoon / early evening
Sandy Spring Bank – accepting Loan Applications now
Souhern Bank – accepting Loan Applications next week
TowneBank – accepting Loan Applications next week
Wes Banco – accepting loan Applications now
Wells Fargo – Next Week
Zio Bank – Allen is waiting to hear from

As of 11 a.m., 1,926 loans were originated, totaling nearly $757 million from 245 lenders, according to a person familiar with the matter. (Bloomberg)

Please know, we are here for you . Please text me any questions you may have / or any stress you are feeling . My cell is 443-928-1696

Please enjoy the weekend and stay safe!

My best to all


PPP Loans? Need answers to questions? Please read here:

Dear Schiff Clients

Good Morning to all!  I hope each of you are well.

Good News! It appears the Treasury Department has reversed its original decision of the subtraction of Federal Payroll Taxes, because they didn’t want to lend our businesses the “Federal Taxes”, so we are now back to “Gross Payroll”  with NO adjustments for taxes. There is a minor exception to this, please read below, but I would not hold you up using the Schiff PPP Loan calculator. 

Here is an UPDATE:  7 PM on Thursday night the Treasury Department issued additional guidance on the Paychecks Protection Program (PPP) loans. 

The number one question everyone is asking – when do I apply?  

There are two factors to consider:

1)      When do you need the money?

2)      When will the funds run out?

Ideally, you want to get the PPP loan when you reopen your practice, but no later than 6/30/20.  This would allow for you to fund the first 8 weeks of payroll costs (defined below), rent, and utility costs while revenue is less than 100%.  This would allow you to be fully staffed and operational once it is recommended for you to reopen.  Unfortunately, we don’t know right now if the funds will be available at that time or how long the loan process will take.  The Treasury Secretary said he will work to replenish the funds if they run out, subject to Congress approval. Fingers crossed!

We don’t believe the funds will run out immediately, but we also don’t believe a business should wait until May 2020 to get a loan. Remember, based on my conversation with the larger Dental Lenders’, they are predicting the money may run out, so, lets apply as soon as possible, but please do not panic.  The Schiff & Associates Team met for over 3 hours today (Thursday), so we are well trained to help each of you! 

Don’t panic – even though we gave you a large list of items yesterday, the list might be significantly shorter than today’s list I gave you.  Contact your lender, gather your information, and work with your bank to figure out when financing will be available. Nothing official, but we have heard from some banks said, that they will be able to allow for the loan to be processed, funds reserved, and become available upon request (prior to 6/30). 

The PPP loan calculation has been simplified. Based on this update, do not include the #1099 “Associate” on line #7. We are being told as of now; the Independent Associate will file their own PPP Loan Application. 

Once approved, please speak with your Schiff Team Leader before you sign and take the proceeds so we can strategize on timing. Make sure your bank will allow you some breathing room, from application approval date to closing date of loan/proceeds given. 

Below is a summary of the Interim Final Rules (SBA 020-0015 – 13 CFR Part 120) issued Thursday evening.  Please note the application process appears to have been simplified compared to previous guidance you may have received.  Contact your lender and please read below to understand some additional details.

Q:           Am I eligible?

A:            Most dental practices are eligible for a PPP loan if you have 500 or fewer employees in the US and were in operation on 2/15/20.  Affiliation rules apply.


Q:           I’m an independent contractor – am I eligible?

A:            Yes and you must be able to submit documentation such as IRS Form #1099-MISC received, in the submission of your own PPP Loan Application.


Q:           How much can I borrower?

A:            Step 1:                  Aggregate payroll = Gross Wages Paid

                Step 2:                  Subtract any compensation paid to an employee in excess of annual salary of $100,000

                Step 3:                  Divide by 12

                Step 4:                  Multiply by 2.5

                Step 5:                  Add the outstanding amount of an EIDL made between 1/31/20 and 4/3/30, less the advance if received.  (unlikely)

Q:           What are my payroll costs?


Compensation to employees, employer portion of payments for group health insurance, retirement, state taxes on compensation (State unemployment (very small amount of money here)), and your net income from being self-employed (Limited to $100,000) (does not include 1120S K-1 income)


Q:           What is excluded from payroll costs?

A:            i) Compensation in excess of annual salary of $100,000 


Q:           Can I include payments to independent contractors as compensation?

A:           No, independent contractors have the ability to apply for a PPP loan on their own.


Q:           What is the interest rate on a PPP loan?

A:            1% Fixed Rate (previously reported as 0.5%, this has changed)


Q:           What is the maturity date?

A:            Two years (previously reported as 10 years, this has changed)


Q:           Can I apply for more than one PPP loan?

A:            A business (EIN) can only apply for one PPP loan. If you own multiple businesses, they may be eligible to apply individually but must be disclosed in the affiliation section of the Loan Application (Question)


Q:           Can I use e-signatures?

A:            Yes


Q:           Is the PPP loan first come, first served?

A:            Yes


Q:           When do I start making payments on a PPP loan?

A:            Interest accrued when funds are disbursed, but payment is not due for 6 months.


Q:           Can my PPP be forgiven?

A:            Yes, if the loan is used on eligible costs and employee and compensation levels are maintained.  At least 75% of the PPP Loan must be for payroll costs to obtain forgiveness.  The SBA will issue additional guidance on forgiveness.  Although not stated in the final rule, the Act states the funds must be used within 8 weeks of receiving the loan to be forgiven.


Q:           What are eligible costs?


  1. i) Payroll costs (defined above)
  2. ii) Group health care benefits

iii) mortgage interest payments (not prepayments or principal)

  1. iv) rent, on a lease dated before 2/15/20
  2. v) Utility (G & E, Telephone & Water) payments, under service agreements dated before 2/15/20
  3. vi) Interest payments on debt obligations incurred before 2/15/20


Q:           I incurred eligible costs before receiving the loan, can I reimburse myself?

A:            The SBA will issue additional guidance but under the Act the funds must be used within the 8 weeks following receiving the loan and prior expenses would not be eligible.


Q:           What forms do I need and how do I submit an application?

A:            i) SBA Form 2483- Paycheck Protection Program application form

  1. ii) Payroll documentation


Q:           What if the PPP funds are misused?

A:            If misused, you will be subject to additional liability such as charges for fraud


Q:           What certifications must be made? (summary below)

A:            i) The applicate was in operation on 2/15/20 and had employees

  1. ii) Current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant (Due to COVID-19 this is a near certainty for any practice)

                iii) the funds will be used to retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments.  Failure to do so could result in fraud charges.

  1. iv) Documentation verify the number of employees as well as the eligible costs incurred for the eight-week period following the loan will be provided to the lender.
  2. v) Loan forgiveness will be provided for the sum of documented costs.  Not more than 25% of the forgiven amount may be for non-payroll costs.
  3. vi) The applicant has not and will not receive another loan under this program.

                vii) The information is true and accurate.

                viii) The tax documents provided are identical to ones filed with the IRS.


Q:           What payroll costs do I use?

A:            The lenders are required to confirm the average monthly payroll costs for the preceding calendar year (2019)


Q:           What other information do I need to provide?

A:            Lenders may need to include a customer identification program 


Items not in the guidance:

My business opened during 2019, what numbers do I use?

For new businesses (that were not in business from 2/15/19 – 6/30/19), average monthly payroll may be calculated using the time period from 1/1/20 to 2/29/20. You should use this period it, annualize it for the calculation and then reduce for the annualized $100,000 per employee limitation. 

What bank should I use?

Start with a bank you already conduct business with. This program isn’t highly profitable for banks but they are providing this service to help their customers stay in business. They are more likely to assist existing customers first.

Should I apply through multiple banks?

No, as part of the application you must certify that you do not have any other pending applications for this program.

What is my business type?

Please look at your tax return:

  • Schedule C (form 1040) – Sole proprietor or LLC if you have organized an LLC under state law. 
  • 1065 – Partnership
  • 1120S – S corporation
  • 1120 – C corporation

What do I list for the number of employees?

We don’t know. We think it should be FTE’s however we think banks will just be counting W-2s. Because the 2019 number shouldn’t directly impact the forgiveness calculation, we expect you will use the 2019 number of W-2’s just so that it makes the loan application process go smoothly. This would include spouse and other related party W-2s. We think this is just to verify that the number is 500 or less. Please ask your lender what number they expect should be used.   

What are the state taxes do I include?

Total payroll in line one already includes state income tax withheld. This is not a tax of an employer; this is just part of the employee’s payroll so you do nothing special with this. The state taxes you add to your payroll cost are the state tax you pay as an employer which means for most businesses, State Unemployment taxes (SUTA). Some businesses are required to pay additional taxes, such as an employer portion (not the employee portion) of Paid Family Medical Leave taxes. Again, this is the employer portion only, not the employee’s withholding. Your payroll company should be able to provide these figures.

Where do I include rent, utilities, and mortgage interest in the loan request?

These are not part of the loan application. The loan is based on 2.5 months (about 11 weeks) of payroll costs. You may then use it for 8 weeks of payroll, rent, utilities, and mortgage interest. The additional weeks in the calculation are meant to cover these overhead expenses. 

Q:           How do I track my costs?

A:            We recommend you create a new bank account to track the deposit and use of the funds.  Documentation is required.


Q:           How does this impact my pending EIDL grant?

A:            We don’t know – the EIDL grant was supposed to come out as emergency funds and then the PPP provide later working capital to cover payroll and overhead for two months.  However, the administration rushed the PPP loan and is making the application available before anyone has received the EIDL grant.  We believe this means the EIDL loan may not be able to refinanced into the PPP loan. Information will be forthcoming. If you would like an EIDL Loan, you must apply for an EIDL Loan before you apply for an PPP Loan


Q:           My partnership is owned by two S corps, do the S corps need to apply for their own loan?              

A:           The S corporation owners receive a W-2 through their own PC and those wages can’t be included in the partnership application.  The S corp owner can file its own PPP application or an EIDL application with similar results.  


Q:           My partnership is owned by two individuals; do I include their K-1 income in payroll costs?

A:            We don’t know. However it is reasonable to assume that since a business includes the income of the sole proprietor, that the partnership should also include the K-1 income (limited to $100k per partner). This is a good faith answer to a question not answered (yet) in the instructions. We recommend pointing this out to your lender and asking what they will treat as acceptable under their procedures as they will need to review and approve the application with the payroll documentation provided.


Q:           When can I apply?


Starting April 3, 2020, small businesses (C-Corp, S-Corp, Partnership, LLC)  and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

Starting April 10, 2020, independent contractors and eligible self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

 Why is my bank requesting additional information?

This is new and banks are doing their best to answer questions even if they don’t know answers. According to the final rules an applicant needs to complete the application, provide payroll records, and may need to verify their identity/business.

What do I do with the funds if I receive them and the Practice is not open yet?

You will have 8 weeks from the loan origination date to spend the funds and qualify for loan forgiveness (subject to additional rules to be issued by the SBA). If not used during the 8 weeks, they can be used in future periods, just not forgiven. You may rehire employees even if the practice isn’t open so that they are ready and available when needed or you may have working capital for later in the year to cover eligible costs.

My employees will be receiving more from unemployment than they will be receiving pay, why will they come back?

As the Treasury Secretary mentioned yesterday, if someone refuses work (pay), they are no longer eligible for unemployment. Further, employees who have been recently let go will be excited to have a paycheck again. There is so much uncertainty now that anyone that you want to be part of your team will gladly accept a paycheck over unemployment. 

As the owner, I was advised to stop taking a paycheck. How does this impact this decision?

As of the loan origination date, the owner (and employees) should go back onto payroll for the 8 week period if you want to maximize loan forgiveness (subject to additional rules to be issued by the SBA)

My employees have been collecting unemployment for the last few weeks, will my unemployment insurance tax rate go up?

We do not know at this time, but it is possible.

Q:           What information do I need?

A:            According to the final rules:

  1. The PPP application
  2. Please be sure to check with your Bank, for their application process

Q:           Where can I learn more?


Please be sure to e-mail your Schiff Team Member if you need help today. During the interim, please compile your Quarterly 941’s, confirmation of your Health Insurance Premiums Paid and the Retirement Plan Match and Accrual from 2018 paid in 2019. 

Stay well!

My best to all

Updated EIDL Grant/Loan Application from the SBA

If you filed your EIDL Grant/Loan Application before Sunday, March 29 at 9:30 PM EST, the MSDA, in conjunction with Schiff & Associates, is recommending you reapply using the new website from the Small Business Administration (SBA).

Apply Here

On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

Although many of you spent 3 or 4 hours completing the original EIDL application, it is important to fill out a new application using the streamlined process. This new application will take 30 minutes or less to complete. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

Since only $10 billion was allocated to the EIDL Grants, it is imperative that you fill out the streamlined application as soon as possible to give you the best chance of receiving the $10,000 advance.

Marlene Shevenell, DDS
President, MSDA

Greg Buckler, IOM, MBA, MSM
Executive Director, MSDA

The MSDA recommends the following resources for the most current information about the coronavirus.

MSDA Website
Maryland Department of Health – Coronavirus
Office of Governor Larry Hogan
American Dental Association – Virus
Center for Disease Control – COVID-19
World Health Organization – Coronavirus Outbreak
US Chamber of Commerce – Combating the Coronavirus
Maryland State Medical Society