HHS Application (2% of annual Fee Income 2019) The new due date for filing is now August 28, 2020 extended from August 3, 2020 and July 24, 2020!
Please note: This HHS Grant Relief program is open to all Dentists. If you apply, you will receive 2% of the annual fee income of your practice after patient refunds that were reported to the IRS for 2019.
HHS expects to distribute $15 billion to eligible Medicaid and CHIP providers. The payment to each provider will be at least 2 percent (2%) of reported gross revenue from patient care; the final amount each provider receives will be determined after the data is submitted, including information about the number of Medicaid patients providers serve. Before applying through the enhanced provider relief portal, applicants should:
Please read the INSTRUCTIONS. Many of you have asked, how do I calculate “lost revenue”? Please take your collections for the period of March and April 2019 and compare them to March and April 2020. This difference will be your lost revenue.
*** All Dental Practices (DE for the 2 digit code) should apply.
Finally, if you do NOT want your annual revenues disclosed to the public, you should NOT apply.
2020 Mid-Year Meetings
Please reach out to us as soon as possible (via e-mail), as our August and September calendars are filling up fast with clients desiring a 2020 Mid-Year Meeting. As a result of the Pandemic, will be hosting all 2020 Mid-Year Meetings via ZOOM. Please keep in mind, as of the date of this writing, your PPP Loan Proceeds will be taxable, because the expenses you paid in order to gain Loan Forgiveness, are not deductible at this time. As a result, you need to plan accordingly for your future tax liabilities. Included in the new proposed tax bill, it to make the expenses paid with your PPP Loan >>>Tax Deductible! That would be simply amazing!!
PPP Loans are available if you have not filed for one yet
The Paycheck Protection Program (PPP) is a loan to provide a direct incentive for dental practices to keep their employees on the payroll. The SBA will forgive loans if all employee retention criteria are met and if the PPP funds are used for “eligible expenses”. The deadline to apply for a Paycheck Protection Program loan is August 8, 2020.
ADA and PPE Tax Credit Update
I am working closely with the ADA and it appears Congress is “liking” the idea of a Tax Credit, for the costs that you have incurred for the acquisition of PPE Equipment and Supplies, from March 2020 through December 31, 2020. As you may recall, a “Tax Credit” is better than a Tax Deduction, for a Tax Credit is a dollar for dollar reduction of your Federal Income Taxes. >>I am fairly confident this will be passed in the new tax bill>>>>fingers crossed!!
In addition to the PPE Tax Credit, Congress will be meeting this week and there is a chance of major changes to the current PPP Programs as we know it. Here are some of the proposed changes, they may occur in the not to distant future:
Providing additional flexibility for the Paycheck Protection Program (PPP) loans by allowing borrowers to:
- Employee Retention Tax Credit …make it available to all PPP Loan Recipients…..currently not available
- Use PPP funds to purchase PPE……currently not available
- Additional PPP funds if your business is down by 50% or more from the same quarter of last year…..currently not available
- PPP Loans issued will be forgiven without submission of documentation for forgiveness for PPP Loans of $150,000 or less…..currently not available
- Deduct all expenses paid for with the use of the PPP loans…..currently not available
Fingers crossed to all of the above!!!
PPE Equipment & Supplies?
If you are in need of PPE Equipment / Supplies, please click here> https://www.crazydentalprices.com/schiff/ The 10% Discount Code is SCHIFF10
For customer service>> Jay Glazer firstname.lastname@example.org