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

Critical Updates to the 7a (“PPP”) Loan Provisions

Last night the SBA issued updated guidance to borrowers and lenders regarding the Economic Injury loans and the 7a (or “PPP” loans). You can ready this guidance here. They did so because today, April 3, is the first day that 7a can be submitted via SBA certified lenders. These updates seem to override, and even alter, some of the provisions of the bill itself.  As a result, they modify some of our guidance we’ve given in our 10-step guide and client communication. Below are the main...Read More

The PracticeCFO COVID 19 Financial Recovery Plan for Dentists

As committed, we’ve put together a guide to help you through this unusual time. We’ve also prepared a video tutorial to walk you through this guide. We highly recommend you review this in detail as it contains the full gamut of available information to help you survive and THRIVE. These resources will give you clarity as you navigate the important decisions ahead.   10-Step Guidebook: Click here. Video Walkthrough: Click...Read More

UPDATED: Upcoming PracticeCFO Webinar for all Clients and U.S. Dental Practice Owners

Dear U.S. Dental Practice Owner, Due to incredible demand for our national webinar at 12:00pm PST on Friday, March 27, 2020 about Financial Moves You Can and Should Be Taking to Protect Your Employees and Practice During the COVID-19 Quarantine , we have secured a larger webinar forum.  Please note that the link is new and requires registration. The prior link will not work. Feel free to forward this invitation to your colleagues, study groups, or...Read More

Upcoming PracticeCFO Webinar for all Clients

Dear client,   PracticeCFO will be providing a national webinar to our clients and all invited dentists. In this important webinar, we’ll provide our financial recommendations during this time of COVID 19. Please join us. We believe it will answer many of your questions.   Fri, Mar 27, 2020 12:00 PM – 1:30 PM (PDT)   Webinar details Financial Planning for Dental Practice Owners Through COVID-19 Explaining unemployment, sick, and medical leave laws related to C19, and how...Read More

Popular COVID-19 Questions and Answers (Q&A) for Dentists’ and Dental Practice Owners

Dear clients Here is another set of questions you’ve all been asking, and our answers to those questions: As an employee of my corporation, should I file for unemployment? Technically you’re eligible if you meet the requirements outlined by the EDD here (for CA clients) and in some cases it will make sense. However, some thoughtful consideration should be given to the following factors: The work performed as “emergency” or “essential” work will be reported in the weekly...Read More

More COVID 19 Q&A for Dental Practice Owners

Dear Client, We continue to monitor feeds on the new bill and other programs that might help you. We’re also answering a lot of questions from clients. Here is another set of Q&A that might help you through this time: 1.With the new bill that just passed, it states there is an exemption for Health Care Providers.  Is my practice exempt as a Health Care Provider? It’s not entirely clear, but we spoke with two attorneys and both have said that the law generally interprets a health care...Read More
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