PPP: Easing the Forgiveness Requirements

Dear clients, The never ending string of updates to the PPP program continues. Thankfully, the most recent threads are welcomed. The SBA recently issued interpretations of the PPP Flexibility Act of 2020. Here’s the distilled version that you should know about: The SBA provided a new simplified forgiveness application (Form 3508EZ) for certain PPP recipients.  You qualify to use this very simple application if (1) you had no employees (that’s for you ICs) or (2) you did not reduce...Read More

PPP Update and Status of Dentists Recovery

As many of you may know, shortly after our last global email, the Senate did in fact pass the new Paychex Protection Program Flexibility Act this past Friday. The president immediately signed it into law. All the provisions of the bill we outlined in our last global email, passed. The bottom-line of this new bill is that you have 24 weeks to use the PPP funds toward eligible costs. There are other provisions that ease the forgiveness requirements, but this is the most important. Considering...Read More

PracticeCFO Update on PPP: House Passes Bill Easing Forgiveness Requirements

Dear client, We’re happy to say that virtually 100% of clients that requested us to apply for their PPP, received the funds. They are now using these funds to operate the reopening of their practice. I’m proud of our team here at PracticeCFO and the way they mobilized to get the PPP money into your accounts. If you’ve been happy with how we’ve served you during this period or before, we would be exceptionally grateful if you would give your CFO advisor a quick online review with a few...Read More

PracticeCFO Global Update: PPP and EIDL

Dear client, Some of our clients are beginning to receive the PPP loan. Please notify us immediately if you do. We need to know the day you received the funds, as well as the amount. Congress should be passing additional funding to add $310 billion to the PPP program and $60 billion to EIDL.  So far, it has only passed the Senate, and details are still up in the air.  We’d like to give you a step-by-process in getting the loan, as well as reiterate key points to obtaining loan...Read More

Another Important Update on the EIDL and PPP Loans

Dear Client,   We continue to keep our ears to the ground. New information is coming out daily and we want to keep you informed.  PracticeCFO created a COVID task force three weeks ago and we meet 2-3 times a week. On this task force are each of our five CFOs, as well as our director of accounting. These global emails summarize our collective understanding and advice. We’ve also been in contact with most/all of you regarding your own personal situation. We hope this support has been...Read More

EIDL and PPP – Status Update

Dear client,   We wanted to give you an update into what we’re seeing among our clients regarding the EIDL and PPP loans:   EIDL Loan and Grants (These are the loans applied online directly with the SBA) Approvals are just coming in. Clients are receiving an email requesting applicants to create their own SBA EIDL portal. Once created, a client can log in and see the amount of loan they’ve been approved for. They can elect any amount up to the max approved. The user interface is...Read More

Banks Accepting PPP applications

PracticeCFO has researched a few lenders for those applying for the 7a loan. We  have not vetted them in detail as it’s difficult to speak with a representative right now. However, many clients have requests a list of lenders when their bank is not offering the 7a loan, or isn’t accepting any more applications. Online Lenders Geographic Areas Cross River Bank https://www.crossriversba.com/ Entire...Read More

PracticeCFO Update to PPP and 7a Loan Information

Here is a brief updated for today, Monday April 6, regarding the EIDL and the 7a loan: Economic Injury Disaster Loan and $10,000 Advance Grant As of today, we have only one client (yes, 1) that received either the $10,000 grant and none that have received the EID loan. A few clients that filled out the application early are in communication with the SBA, but have not received funds. If you have, please notify us. We’d be interested to know. We suspect many will...Read More
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