Provider Relief Fund Phase 3 Grant

Dear clients and friends, Yesterday, you may have received notification that the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), will be distributing up to $20 billion in Phase 3, as part of ongoing efforts to offer financial support to healthcare providers for expenses and lost revenues attributable to the COVID 19. Even if you received funds from HHS previously, you may be eligible to receive an additional amount. It’s...Read More

PPP Forgiveness

Dear clients and PPP recipients, Many of you are asking questions about receiving forgiveness of your PPP loans. Bottom line: There is no need to rush to apply for forgiveness. You have 10 months from the end of the 24-week period, accrued interest is small and will likely be forgiven, and we believe Congress will pass legislation simplifying the forgiveness application.  For the many of you who had PracticeCFO do your accepted PPP application, we will automatically process the...Read More

Back to School and COVID FFCRA Pay to Your Staff

This blog post applies for any dentists with employees that: Are requesting time off in order to be at home to care for their children that are enrolled in online school or for whom day care is not available. Are requesting time off to care for themselves or a family member that have been affected by COVID. With virtual school starting, and parts of the economy opening back up, there may be a renewed interest in the Family First Coronavirus Response Act (FFCRA). After all, it dictates what...Read More

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

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
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