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!
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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
https://content.govdelivery.com/accounts/MDDLLR/bulletins/287febb
http://www.labor.maryland.gov/employment/uicovidcertfaqs.pdf
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!
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Please stay well and safe!
We are here for you!
My best
Allen
