Dear Schiff Dental Clients
Good Morning to all!
I hope each of you are well and safe along with your families
We are here for you!
Here is the Schiff Dental Clients Update – Wednesday, April 22, 2020 8:00 AM
2nd major STIMULUS due this Thursday (tomorrow)
Yesterday, Republicans and Democrats in the US Senate agreed on an emergency program worth $484 billion to help small businesses, hospitals and boost coronavirus testing in the country. We are expecting the HOUSE to approve such STIMULUS tomorrow, Thursday, April 23, 2020.
PPP Loan Application Update
Many of you have already been notified by your SBA Lender, that you have been APPROVED for your PPP Loan. Congratulations! However, many of you have NOT BEEN APPROVED. It is our suggestion, that today, you contact your Lender, to make sure your PPP Loan Application along with supporting documentation is all set and ready to go, as soon as tomorrow, just in case your lender receives the funding to fund your PPP Loan. We expect the portion of the Stimulus set aside for the PPP Loans to go quick , like it did last time (April 3, 2020 through April 16, 2020)
PPP Loans – What is your Strategy?
Please hold your PPP Funds in a separate checking account for now. We are awaiting further guidance from the US Treasury on how these funds can be expended,. The guidance is expected to be released on April 27, 2020. Once we receive the guidance, we will be happy to meet with you, with hopes of maximizing your PPP Loan Forgiveness.
Maryland Dental Clients – Self Employed (Maryland Unemployment)
For those of you who are self employed and work in Maryland, you can file for Maryland Unemployment this Friday, April 24, 2020. We are expecting the Department of Labor to Launch its new web site, “One Stop Maryland” tomorrow.
Virginia Dental Clients
On April 15th Governor Northam ordered dental offices to postpone elective procedures until after April 24th. For further information, please click here> https://www.vadental.org/news-details/2020/04/15/covid-19-key-dates
EIDL Grants, EIDL Loans & PPP Loans
We are expecting additional EIDL Grants and EIDL Loans with this next Stimulus Package. It is estimated there is $60B set aside for the EIDL Program. So, we are hoping you will be notified by the SBA for your EIDL Grant and / or EIDL Loan, if you have not received thus far. In addition, please e mail your Schiff Team Member, the amount of your EIDL Grant, EIDL Loan and PPP Loan, the dates you were notified of each. We are tracking this information for all Schiff Clients, By doing so, we will have one master list that we can refer to. This list will help us manage your “8-week period”.
Please stay well and safe!
We are here for you!