Updates on COVID-19


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Schiff Client Update, Friday, January 15, 2021

PPP2 Loans – as a reminder, you will qualify for a PPP2 Loan if your Fee Income is down at least 25% or more for any calendar quarter when comparing 2020 to 2019. Your best chances of meeting this requirement are Q2 2020 vs Q2 2019. If you have not done so, you are welcome […]

PPP2 Loan Applications are now available!

Many of you have inquired about the PPP2 and the application process for such. Just now, the SBA released the PPP2 application. Please click on the link below: https://home.treasury.gov/system/files/136/PPP-Second-Draw-Borrower-Application-Form.pdf Please keep in mind, in order to qualify for this next round of funding (PPP2) you must be able to prove your collections were down by […]

Schiff Client Update, December 31, 2020

PPP#1 Loans Covered Expenses paid with your PPP#1 Loan will now be tax deductible for money already received PPP#1 funds will not be taxable income, which means the expenses paid with the PPP#1 funds will be tax deductible The New Tax Bill, that President Trump signed on Sunday, December 27, 2020, repeals the requirement of deducting […]

Additional Coronavirus Response and Relief (ACRR)

This morning the text of the new Additional Coronavirus Response and Relief (ACRR) legislation was released. If the legislation is passed by Congress and signed into law, it will include the following items: 1.  PPP Deductibility – Expenses used to obtain loan forgiveness will be deductible. 2.  EIDL Grant taxability – The EIDL Grant (up to $10,000 received […]

Next Round of HHS Grant Relief Funds 12/16/20

Today, December 16, 2020, many of you should be receiving the next round of HHS Payments (Phase 3 Payments).  Please check your bank statement for they are ACH into your Business Checking Account. For those of you, that have had your 2020 year-end meeting with us, you may want to increase your Estimated Tax Payments […]

Update – Phase 3 Dept HHS Provider Relief Grant (PRG)

I wanted to reach out to offer some insight into the HHS Phase III Funding Application that I emailed you on Friday October 23, 2020. This 3rd round of HHS funding will first go to Dental Practices who have not received funding from HHS within the previous two (2) HHS phases. This would include Start Up […]

HHS Applications are due TONIGHT by Midnight!

As a reminder, Phase 3 for the Provider Relief Grant (PRG) under the Department of Health and Human Services (HHS) is still available up to 12 Midnight tonight. If you have not applied, please click on this URL: https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/for-providers/index.html If you are in need of Tax Returns and P & L’s, etc. from my office, […]

Schiff Dental Clients- HHS Phase 3 – Update October 23, 2020

HHS Grant Relief Fund – Phase 3 Yesterday, the HHS changed the rules yet again, to now include the loss of Gross Revenue during the Pandemic. As a result of this change, we are encouraging clients to file for the additional funding under Phase 3 of the Provider Relief Fund (PRF). You can apply again, […]

Schiff Client Update – Thursday – August 6, 2020 4:45 PM

Please see this most important message from the ADA with respect to the following major tax issues that will impact your Dental Practice. Here are the highlights: Giving  additional flexibility for Paycheck Protection Program (PPP) loans by allowing borrowers to: >> Providing income tax credits to dental practices for the purchase of (PPE) Equipment & […]

Schiff Client Update – Sunday, August 2, 2020 8:30 AM

HHS Application (2% of annual Fee Income 2019)  The new due date for filing is now August 28, 2020extended from August 3, 2020 and July 24, 2020! Please note: This HHS Grant Relief program is open to all Dentists. If you apply, you will receive 2% of the annual fee income of your practice after patient refunds […]