Updates on COVID-19


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Schiff Client Update June 24, 2020 3:30 PM

PPP – Paycheck Protection Program Flexibility Act of 2020 On June 5, 2020, the “Flexibility” Act was signed into law. As a result, the covered period has been extended from 8 weeks to 24 weeks. In addition, the Payroll Costs have been reduced from 75% to 60% in order to gain maximum PPP Loan Forgiveness. […]

Schiff Client update, as of June 4, 2020 at 6:00 AM

Yesterday, at approximate 7:00 PM EST, the SENATE approved HR7010. We are expecting President Trump to sign the Bill today. Here are the highlights of HR7010, Changes to the Small Business PPP Loan Programs Below is a summary of the changes to the Small Business PPP Loan Program. These modifications to the program require a new strategy […]

Schiff Client Update as of Wednesday, June 3, 2020 , 9:00 AM

CARES ACT – Paycheck Protection Program Flexibility Act of 2020 Today, the SENATE will be voting on the major changes to the CARES ACT, especially within the PPP Loan process. Here are the major changes as we see them as of today. Please keep in mind, they are proposed and they have NOT passed as of now. 75% / […]

Schiff Client Update as of Tuesday, May 26, 2020 at 7:30 AM

Employee’s hazard pay and Bonuses – Good News here! Employee’s hazard pay and bonuses are eligible for PPP loan forgiveness. There is no guidance as to the amounts at this time. Please keep in mind, if the employee salary is already at $100,000+ annualized, the bonus paid to this employee will not help with Loan Forgiveness. […]

Schiff Client Update as of Tuesday, May 26, 2020 at 7:30 AM

Employee’s hazard pay and Bonuses – Good News here! Employee’s hazard pay and bonuses are eligible for PPP loan forgiveness. There is no guidance at to the amounts at this time. Please keep in mind, if the employee salary is already at $100,000+ annualized, the bonus paid to this employee will not help with Loan Forgiveness. […]

Schiff Dental Client’s Update – Sunday, May 17, 2020 at 11:30 AM

SBA PPP Loan Forgiveness Application 05.15.20 I have reviewed the PPP Loan Forgiveness Application 05.15.20 (released on Friday evening at 7:15 PM) and have highlighted on the 11 Pages, the instructions pertaining to each line along with the cross reference for each of the Line #’s to make it easier for you to track where the […]

Schiff Dental Clients Update , Monday, May 11, 2020 at 6 PM EST

SBA / US Treasury Guidance – update – PPP LoansWe are still waiting for the guidance on, what are the rules on how to properly spend your PPP funds? As soon as they are released, we will summarize them for you. Accounting for your PPP Loan Proceeds – in QuickBooks / Peachtree / MYOB We […]

Schiff Dental Clients Update , Thursday , May 7, 2020 7:30 AM

Dear Schiff Dental ClientsGood morning to all!I hope each of you, your families and clients are well!We are here for you! Schiff Dental Clients Update , Thursday , May 7, 2020 7:30 AM COVID-19 Update: Dental Practice Reopening and PPE Survey Yesterday, Governor Hogan (Maryland) announced effective at 7 AM today (Thursday, May 7th), elective […]

Congress Plans Next COVID-19 Relief Legislation

Dear Schiff Dental ClientsGood evening to all!We are here for you! Dr. Gehani, President of the American Dental Association sent this Issues Alert to all ADA members in which he asks them to reach out to their members of Congress to advocate for policy priorities that will benefit dentists, their employees and their patients.” Please […]

Are Your Losses from COVID-19 Covered Under Your Business Interruption Insurance Policy?

Dear Schiff Dental Clients Good Morning to all! I hope each of you are well and safe We are here for you! Schiff Dental Client Update as of Friday, May 1, 2020  at 7:00 AM ################## Why You Should Consider Filing a Business Interruption Insurance Claim What is business interruption coverage?This type of insurance coverage […]