Schiff Dental Clients Update – Sunday, April 19,2020 , 8:30 AM – Handouts for Clients – Schiff & Associates

Good Morning to all! I hope everyone is safe and well!

Happy Sunday to all!

We are here for you!

We have attached three (3) Handouts for your review

  1. EIDL & PPP Eligibility Guide – what expenses should you be paying with what Loans? Please keep in mind, these may change, once we received additional guidance. Please try to avoid paying Payroll with your EIDL Loan.
  2. PPP Loan Spending Guide – this is a decision tree we have created in conjunction with the ADCPA. This will give you an idea as to what you should be doing over the next 8 weeks, once you receive your PPP Loan Proceeds. Each of you have a different Agenda. Please reach out to your Schiff Team Member if you need help.
  3. PPP Loan Decision Tree- this is a decision tree, based on your PPP Loan, and whether you should use your PPP Loan Proceeds for what they were intended for, or just have a PPP Loan @ 1% (payable over 2 years) or consider the Employee Retention Tax Credit (RTC) in lieu of the PPP Loan. We can help explain the RTC, the Retention Tax Credit if that is of interest to you. It is our opinion, the PPP Loan will be a better deal for you in most cases.

Please keep in mind, this is our current understanding. We are still awaiting the US Treasury guidelines, which should be issued by April 27, 2020

Currents Stats on the PPP Loan Program

Please click on the hyper link below. You will see the amount of PPP Loans granted so far ( $342,277,999,103) an the number of PPP Loans granted (1,661,367) along with a State by State allocation of the PPP Loans. Also , please notice the other industries Dentistry is competing with (Construction, Professional, Manufacturing, Food Services and Retail, etc. etc.)

https://home.treasury.gov/system/files/136/SBA%20PPP%20Loan%20Report%20Deck.pdf

Pelosi: Lawmakers ‘very close’ on bipartisan agreement for additional PPP funding

We are hoping for those of you that did not receive your PPP Loan Proceeds as of this past Friday, this article should create some encouragement for you

Sole Proprietors – State of Maryland

This coming Friday, April 24, 2020, the State of Maryland will be launching its New Web Site for those of you that have not been able to file for Unemployment due to the fact you are a Sole Proprietor and the State of Maryland does not have any wages recorded for you. The New Web Site will be called “One Stop”.

We are here for you!

Stay well!

My best to all!

Allen


EIDL & PPP Expense Eligibility Guide – from Schiff & Associates
PPP Loan Spending Guide – from Schiff & Associates
PPP Loan Decision Tree – from Schiff & Associates