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!
ADA PPP EIDL Funding Increase and Flexibility Letter to Congress