Only For Dentists

Relief bill signed at last.

The text of the relief bill that congress will be voting on has not been released yet.

Hearing from many of my clients this morning that phase 3 of the HHS provider relief funds have been deposited into their bank accounts.

Today we got a glimpse of what the bipartisan relief bill might look like, per summary released today, with regards to the PPP Loan and the HHS provider relief fund: $300 billion additional funding for the PPP loan Funding to allow the hardest-hit small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan. ... o Eligibility would be limited to small businesses with 300 or fewer employees that have sustained a 30 percent revenue loss in any quarter of 2020. o Forgivable expenses are expanded to include supplier costs and investments in facility modifications and personal protective equipment to operate safely. o Business expenses paid for with the proceeds of PPP loans are tax deductible, consistent with Congressional intent in the CARES Act. o Loan forgiveness process is simplified for borrowers with PPP loans of $150,000 or less. Extension of Section 1112 of the CARES Act, which provides payment of principal, interest, and associated fees on qualifying Small Business Administration (SBA) 7(a), 504 and microloans. Funding for SBA loan products to increase guarantees on SBA 7(a) loans and reduce fees on 7(a) and 504 loans; provide loan subsidies for 7(a) loans; and provide Economic Injury Disaster Loan grant advances. Includes re-purposing of $138 billion in unspent allocations to be reinvested in the PPP. Bill also includes additional funding for HHS provider relief fund. We will keep you posted as this bipartisan bill moves through congress.

California Small Business Hiring Tax Credit - Limited Time To Apply - https://mailchi.mp/3c78c10a35a3/ca-small-business-tax-credit

Do you qualify for the California Small Business Hiring Tax Credit? On December 1, 2020, the California Department of Tax and Fee Administration (CDTFA) will begin accepting applications for tentative small business hiring credit reservation amounts through an online reservation system. Qualified small business employers must apply with the CDTFA for a credit reservation. The credit reservations will be allocated to qualified small business employers on a first-come, first...-served basis. The reservation system will be available from December 1, 2020 at 8:00 a.m., through January 15, 2021. Within 30 days of receiving an application, CDTFA will notify each applicant via email whether a tentative credit reservation has been allocated to them and the amount of the tentative credit reservation. Please note, this credit only applies to California small businesses that meet the following qualifications: *Employed 100 or fewer employees as of December 31, 2019, and *Suffered a 50 percent decrease or more in income tax gross receipts (generally, all income less returns and allowances), when comparing second quarter 2020 to second quarter 2019. For instructions: https://www.cdtfa.ca.gov/taxes-and-fe/SB1447-tax-credit.htm To Apply: https://taxcredit.cdtfa.ca.gov Step by step instructional video: https://youtu.be/-hpLvMuL08U

HHS Announces $20 Billion in New Phase Three Relief Funding - https://mailchi.mp/a72c201639bf/hhsphase3-2487222

Not much guidance on this. Employers may be responsible for employees’ deferred payroll taxes if employees do not pay.

Great interest rate promotion from our friends at BOA #Dental #practicefinance

Please ready my article on the 3Cs to thriving during the pandemic and let me know what other factors helped you and your team grow and thrive during the pandemic.

Additional information on the #HHSProviderRelief

Great, information by Ali Oromchian before you accept the HHS relief funds and sign on the dotted line.

Is it a v or u shaped recovery for the US economy in general and dental practices specifically? In this webinar, I interviewed @Vijay Sikka CEO of Sikka Software to discuss the recovery post the COVID shutdown. #economicrecovery #DentalCPA #DentalPracticeRecovery #DentalPracticeAnalytics #SikkaSoftware

Today, the Treasury Department and the SBA released new PPP loan forgiveness application guidelines along with a new EZ loan forgiveness application to address the changes created by the Paycheck Protection Program Flexibility Act (PPPFA). The application and new guidelines clarify the following: Owners’ maximum forgivable compensation will be capped at 2.5 months of 2019 compensation, with a maximum of $20,883. This includes self-employed individuals, general partners an...d shareholders of Corporations. Per employee forgivable maximum compensation is increased to $46,154 ($100,000 x 24/52), plus costs of employee benefits such as health insurance, state payroll taxes, and retirement contributions. The new EZ loan forgiveness application indicates that self-employed individuals, general partners and shareholders of Corporations are not allowed to include the cost of their own health insurance and retirement contribution as part of the forgivable payroll costs. Borrowers who are self-employed and did not list any employees on their original loan application or have employees, but are not subject to any loan forgiveness reductions due to the FTE or salary reductions, may use the new EZ forgiveness form.

So happy to see most of our amazing team back at the office this week! #thankful

Additional relief for dental providers who accept Denti-Cal

Join Bassim Michael and Vijay Sikka as they discuss practice recovery data and the latest updates regarding the SBA's EIDL and PPP Loans. When: Jun 17, 2020 09:00 AM Pacific Time (US and Canada) Register in advance for this meeting:... https://us02web.zoom.us//tZMrfuquqD8tH9ZNv-9J3VcVpuxveSwAQ After registering, you will receive a confirmation email containing information about joining the meeting. Stay up to date, by following our Facebook page at: https://www.facebook.com/OnlyForDentists/

The US Senate passes a bill extending the covered period for PPP loans from 8 weeks to 24 weeks. The bill now heads to the president for his signature.

Sounds familiar?