Dear Schiff Dental Clients
Good evening!
I hope each of you are well and safe!
We are here for you!
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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.
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We are here for you!
Please stay well!
My best
Allen
