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% / 25% current PPP Loan requirements to change to 60% to 40%
- 8 week covered period could change to as many as 24 weeks, to 24 weeks or December 31, 2020, whichever is earlier
- The June 30, 2020 rehire date could be changed to December 31, 2020
- Expanding the two (2) year repayment of the PPP Loan to five (5) years
- Allowing borrowers who receive the PPP Loan Forgiveness to also defer payroll taxes
Charging for PPE Equipment and Supplies
I have been actively involved with the MSDA, especially since their Friday e-mail of last week to its members over the issue, “Can you charge a Patient a PPE Fee”? It is my understanding you can only have “one fee schedule”. What this means is, you must charge all patients the same whether they are an insurance based patient or a fee for service patient. Some of you are charging a separate “PPE Fee”. It is my understanding, the PPE Fee varies between $15 to $25 a patient visit. This is your choice. I would recommend you just do a fee increase at this time, and not show the “PPE Fee”. By doing so, you can start to capture the new PPE costs that you are incurring as a result of the Covid-19 precautions.
As far as Dental Insurance is concerned, you can bill the Insurance Company for the PPE Fee. It is their choice as to whether they choose to reimburse you. If you practice like this, it is also my understanding you should charge the same PPE Fee to a FFS patient as well, thus only having one fee schedule.
Further and from my understanding, recently a Maryland Patient went to the Maryland Attorney General (Consumer Protection Division) and filed a complaint about a Maryland Dentist charging this PPE Fee, even though the Patient was an Insurance Based Patient. This is potentially a violation of your Dental Insurance Contract along with a violation of Maryland Consumer Protection laws, so my suggestion is, you should cease this practice immediately to further limit any liability you may have. This is true for any Medicaid Patients you are seeing along with any HMO Patients.
My advice, please consult with your Attorney for further guidance on this issue. Also , please reach out to Greg Buckler firstname.lastname@example.org , Executive Director of the MSDA for further guidance.
Maryland Unemployment Issues
I hope most of you have resolved your Maryland Unemployment issues. If you need any additional help, please reach out to
Your own unemployment claims, please call 410-949-0022 or email email@example.com.
Employer related questions (not concerning your own claims) please email firstname.lastname@example.org.
2020 Schiff Client Mid-Year Meetings
As many of you are opening your offices and getting back to the “new normal”, we wanted to reach out to you about your 2020 mid-year consulting meetings.
This year we would like to schedule meetings upon your request. With the many challenges you have been faced with, we thought this would be most appropriate.
We can meet via ZOOM or in person, if the situation is safe for everyone. We are estimating 1.0 to 1.5 Hours per meeting. This year will be more challenging for Tax Planning due to the fact, we are still uncertain if the Internal Revenue Service (IRS) will change its position with respect to the expenses we are paying with our PPP Funds. Currently they are non-deductible. We are hoping Congress will put the necessary pressure on the IRS and reverse its decision.
Please contact your Schiff Team member if you would like to schedule a meeting and we will make it happen.
2020 Quarterly Tax Vouchers – 2020 Q1 and Q2
As a reminder, the 1st Quarter and 2nd Quarter Tax Vouchers are now due as of July 15, 2020. Please contact your Schiff Team Member if you need any guidance on these payments.
2019 Individual Tax Preparation
Also, for those of you that are still compiling your 2019 Tax Data, please send to us as soon as possible, so we can get started on its preparation. As a reminder, the 2019 Individual Tax Returns are now due July 15, 2020.
PNC Bank – SCAM UPDATE: Tax-related scams and government stimulus checks
As initially predicted, unfortunately, there are current scams over the Government issued “Stimulus Checks”. Please be careful with text messages, e-mails and phone calls. The IRS only communicates via US Mail and not through and of these other mediums. Please read PNC Bank’s detailed e-mail here. It is very informative.