Good afternoon Schiff Dental Clients
I hope each of you are well!
We are here for you!
PPP Loans are now exhausted
At 12 Noon today, Thursday, April 16, 2020, we were just notified, the PPP Loan Funds have been exhausted, just like we predicted on Tuesday of this week!
Please click on this link, for further details >> https://www.cbsnews.com/news/small-business-relief-paycheck-protection-program-is-out-of-money/
Here is a e-mail we just rec’d from a large local bank>>
Sent: Thursday, April 16, 2020 11:35 AM
To: All Employees
Subject: PPP Funding is Depleted – Updated Communications Coming Shortly
The Bank has been notified that the SBA is unable to accept any more applications for the PPP program based on available appropriations funding at this time – the money is depleted. We will be sending updated communications shortly. Until then, please do not draft your own responses to customers without prior review and approval from compliance and marketing. Thank you for your patience as we work as quickly as possible to provide additional information and updates.
Received this morning from >> Wall Street Journal Bloomberg Forbes
Paycheck Protection Program set to run out of cash
The Paycheck Protection Program has exhausted most of its initial allocation of $350bn, with the Small Business Administration reporting that as of late Wednesday, it had approved more than 1.5m loans valued at more than $324bn. “The fund being exhausted clearly puts pressure on Congress to act and come to a reasonable conclusion,” said Rep. Patrick McHenry of North Carolina, the top Republican on the House Financial Services Committee. “Every day that passes that we don’t fund this program, more pain is felt by small-business folks and their employees.” Both Democrats and Republicans want to add $250 billion to the small-business aid program, but have been sparring for days over whether to add restrictions to the funds. Democrats want to expand access to the loans as well as include more money for hospitals, food assistance and state and local governments. Republicans, meanwhile, said they want to keep the bill focused on increasing small-business aid and defer other funding debates until the next, broader legislation is crafted. A resolution could be reached this week, with both chambers of Congress set to hold brief sessions.
PPP Loan Update
As you are well aware, we are suggesting you hold onto your PPP Funds for now, and not disburse them , until we have further guidance from the US Treasury and the SBA. We are also waiting on NEWS from the ADA, with hopes that Congress will change their stance on , “when does the 8-week period begin?”. As soon as we hear anything of substance to report, we will get that info out to you!
Here are the highlights of the ADA Letter, dated April 15, 2020, sent to The Honorable Nancy Pelosi, The Honorable Kevin McCarthy, The Honorable Mitch McConnell and The Honorable Chuck Schumer
………………………. We strongly support the Congressional efforts underway to increase funding for the PPP loans, EIDL loans, and EIDL grants to the greatest extent possible. Additional funding for these loans will help ease the burdens many dental practices and other small businesses are facing as the pandemic continues without an end in sight. Crucial business decisions will need to be made in the coming weeks and without additional funding we fear a return to normalcy will not be possible for many.
We further urge Congress to help streamline the SBA loan application process as many dentists report having great difficulty in accessing available loans and grants. We also request that the decision to limit the EIDL grants to $1,000 per employee be rescinded, as this does not take into account differences in compensation and small businesses were not aware of this limit when applying.
We would also like you to consider allowing small business dental practices to choose the 8-week period for which they seek forgiveness for the loans and rehire back staff before December 31, 2020, instead of requiring them to rehire staff by June 30, 2020. This would allow these practices to make decisions about staffing and payroll based on when they plan to fully reopen. The Occupational Safety and Health Administration classifies dental health care personnel in the very high exposure risk category and the ability to fully reopen dental practices is contingent on the ability to completely control the coronavirus pandemic in a relatively short period of time.
We would welcome the opportunity to speak with you in more detail and answer any questions you have regarding these comments. ………………..
We need to cross our fingers and toes, and hope that Congress hears the ADA and the 160,000+ Dentists across America!
Montgomery Maryland “Grants” – Schiff Clients, please read below:
If your practice is located in Montgomery County, MD, this maybe of interest to you! Please click on the hyper link below:
We are here for you!
My best to all