Updates on COVID-19


Click Here for the ADA & ADCPA Fact Sheet

HHS Updates on Provider Relief Fund for Dentists – ADA NEWS ALERT

Here is the ADA position on the HHS Provider Relief Fund for Dentists. We along with the ADCPA received many calls from our clients about the “balance billing” issue if you were to participate with this grant (relief funds). You will see below, the ADA worked with HHS to resolve this issue. It ONLY becomes …read more →

All Dentists Now Eligible for Provider Relief Fund Payment

As part of the 2.2 Trillion CARES Act signed by the President on March 27, $175 billion was allocated to the CARES Act Provider Relief Fund. This fund was intended to provide funds to healthcare providers to help them fight the COVID-19 virus for their patients. This fund was limited up until recently to physicians, hospitals and …read more →

Schiff Client Update, Friday, July 10, 2020 ; 6:30 AM – (Tax Due Date 07.15.20)

Tax Due Date 07/15/20 – Individual Income Tax Returns This coming Wednesday, July 15, 2020, is the due date for your 2019 Individual Income Tax Returns for both Federal and State. This due date was changed from April 15, 2020 to July 15, 2020, due to the Pandemic. Please make sure all taxes are paid …read more →

Schiff Client Update June 24, 2020 3:30 PM

PPP – Paycheck Protection Program Flexibility Act of 2020 On June 5, 2020, the “Flexibility” Act was signed into law. As a result, the covered period has been extended from 8 weeks to 24 weeks. In addition, the Payroll Costs have been reduced from 75% to 60% in order to gain maximum PPP Loan Forgiveness. …read more →

Schiff Client update, as of June 4, 2020 at 6:00 AM

Yesterday, at approximate 7:00 PM EST, the SENATE approved HR7010. We are expecting President Trump to sign the Bill today. Here are the highlights of HR7010, Changes to the Small Business PPP Loan Programs Below is a summary of the changes to the Small Business PPP Loan Program. These modifications to the program require a new strategy …read more →

Schiff Client Update as of Wednesday, June 3, 2020 , 9:00 AM

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% / …read more →

Schiff Client Update as of Tuesday, May 26, 2020 at 7:30 AM

Employee’s hazard pay and Bonuses – Good News here! Employee’s hazard pay and bonuses are eligible for PPP loan forgiveness. There is no guidance as to the amounts at this time. Please keep in mind, if the employee salary is already at $100,000+ annualized, the bonus paid to this employee will not help with Loan Forgiveness. …read more →

Schiff Client Update as of Tuesday, May 26, 2020 at 7:30 AM

Employee’s hazard pay and Bonuses – Good News here! Employee’s hazard pay and bonuses are eligible for PPP loan forgiveness. There is no guidance at to the amounts at this time. Please keep in mind, if the employee salary is already at $100,000+ annualized, the bonus paid to this employee will not help with Loan Forgiveness. …read more →

Schiff Dental Client’s Update – Sunday, May 17, 2020 at 11:30 AM

SBA PPP Loan Forgiveness Application 05.15.20 I have reviewed the PPP Loan Forgiveness Application 05.15.20 (released on Friday evening at 7:15 PM) and have highlighted on the 11 Pages, the instructions pertaining to each line along with the cross reference for each of the Line #’s to make it easier for you to track where the …read more →

Schiff Dental Clients Update , Monday, May 11, 2020 at 6 PM EST

SBA / US Treasury Guidance – update – PPP Loans We are still waiting for the guidance on, what are the rules on how to properly spend your PPP funds? As soon as they are released, we will summarize them for you. Accounting for your PPP Loan Proceeds – in QuickBooks / Peachtree / MYOB …read more →

Schiff Dental Clients Update , Thursday , May 7, 2020 7:30 AM

Dear Schiff Dental Clients Good morning to all! I hope each of you, your families and clients are well! We are here for you! Schiff Dental Clients Update , Thursday , May 7, 2020 7:30 AM   COVID-19 Update: Dental Practice Reopening and PPE Survey Yesterday, Governor Hogan (Maryland) announced effective at 7 AM today …read more →

Congress Plans Next COVID-19 Relief Legislation

Dear Schiff Dental Clients Good evening to all! We are here for you! Dr. Gehani, President of the American Dental Association sent this Issues Alert to all ADA members in which he asks them to reach out to their members of Congress to advocate for policy priorities that will benefit dentists, their employees and their …read more →

Are Your Losses from COVID-19 Covered Under Your Business Interruption Insurance Policy?

Dear Schiff Dental Clients Good Morning to all! I hope each of you are well and safe We are here for you! Schiff Dental Client Update as of Friday, May 1, 2020  at 7:00 AM ################## Why You Should Consider Filing a Business Interruption Insurance Claim What is business interruption coverage? This type of insurance …read more →

Schiff Dental Client Update as of Thursday, April 30, 2020 at 4:00 PM

Dear Schiff Dental Clients Good afternoon to all! I hope each of you are well and safe We are here for you! Schiff Dental Client Update as of Thursday, April 30, 2020  at 4:00 PM ################## PPP Loans – I now have my PPP Loan , what should I be doing? Many of you have …read more →

Schiff Dental Clients Update as of Monday, April 27, 2020 @ 8:45 PM EST

Dear Schiff Dental Clients Good evening! I hope each of you are well and safe! We are here for you! #################### US Treasury Guidance We were anticipating guidance from the US Treasury today, but as I am writing this as of 8:45 PM on Monday, April 27, 2020, we have not received any notifications as …read more →

Schiff Dental Clients Update – Friday, April 24, 2020 4:30 PM

Dear Schiff Dental Clients Good Afternoon 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 – Friday, April 24, 2020 4:30 PM Paycheck Protection Program (PPP) and Health Care Enhancement Act President Trump has signed into …read more →

Schiff Dental Clients Update – Thursday, April 23, 2020 11:00 AM

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 – Thursday, April 23, 2020 11:00 AM PPP Loan Application Update Please check in with your Lender to make sure all …read more →

Schiff Dental Clients Update – Wednesday, April 22, 2020 8:15 AM

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 …read more →

PPP Update with Megan Mortimer and Allen Schiff, CPA – The Art of Dental Finance and Management Podcast

Informative weekly podcast for dental practices. This week’s topic: PPP Update with Megan Mortimer, ADA Congressional Lobbyist and Allen Schiff, CPA, ADCPA President     Today, Art visits with two people who have been very instrumental in helping dentists across the country through the COVID-19 Pandemic: Megan Mortimer, Congressional Lobbyist for the American Dental Association …read more →

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 EIDL & PPP Eligibility Guide – what expenses should you be paying with what Loans? Please keep in mind, these may change, once we received additional …read more →

Schiff Dental Clients Update, Thursday, April 16, 2020 at 12:30 PM

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, …read more →

Schiff Dental Clients Update, Wednesday, April 15, 2020 12 Noon

Good Morning Schiff Dental Clients! Happy Wednesday! I hope each of you are safe and well! We are here for you! Here is an update, as of Wednesday, April 15, 2020 12 Noon   EIDL Grants Many of you, since Monday of this week, have started to receive your EIDL Grants. We will need to …read more →

Schiff Clients Update as of Tuesday , April 14, 2020 at 6:00 PM EST

Good afternoon Schiff Dental Clients I hope each of you are doing well and are safe! We are here for you! Today, we were informed from our sources within the ADA and the SBA, the PPP Loans will be fully funded by this Thursday, April 16, 2020. So, if you have already filed for your PPP …read more →

Schiff Dental Clients update as of Monday, April 13, 2020 8:35 PM EST

Dear Schiff Clients We are here for you! Good evening!   PPP Loan Applications I want to first clarify the 7 PM e-mail update from this evening’s e-mail. Since the introduction of the PPP Loan, I am suggesting to all clients, that you apply for your PPP Loan. If you chose to accept it, we will …read more →

Schiff Dental Clients update as of Monday, April 13, 2020 7:00 PM EST

Good Monday Evening to all Schiff Clients! Happy Easter to all! I hope you and the family are doing well! We are here for you!   ADA Lobbying update Here is an update for you! The ADA has written a letter to Congress (please see the attached) asking Congress for help………to delay the 8-week period, …read more →

Schiff Update, Friday, April 10, 2020

Good Morning Schiff Clients! Happy Good Friday to all! I hope each of you are well and safe! We are here for you! IRS Update Overnight, the Internal Revenue Service created some clarity for when your 2020 Quarterly Tax Payments would be due. So instead of having Payments due June 15, 2020 (2nd Quarter) and July …read more →

Schiff, Update Thursday, April 9, 2020

We are here for you! Yesterday afternoon an updated FAQ’s was released on the Treasury’s website as to when the funds must be disbursed and when the 8 week period for forgiveness begins. Previously, some banks have mentioned an applicant could apply and not accept the loan until a later date. The FAQ’s posted on …read more →

Schiff Update, Tuesday, April 7, 2020, 4:15 PM

Good afternoon Schiff Clients! I hope each of you and your families and employees are safe! We are here for you! We are receiving a lot of questions from clients about how to apply and when to apply for a Paycheck Protection Program Loan (PPP Loan Application Process). Each Financial Institution is different. Each Bank is …read more →

Schiff Update 12 Noon , Monday , April 6, 2020

Good afternoon to Schiff Dental Clients I hope everyone is safe & well. At 12 NOON , on Monday , April 6, 2020, here is a ADA Update, M & T Bank , TD Bank, BOA and other Banks and their PPP availability ######################## ADA– I just heard from the ADA, and the ADA shared …read more →

PNC PPP Loan Application Process

Good Morning Schiff Clients! Happy Sunday! I hope everyone is well and safe! For the PNC PPP Loan Application, you will need the following information completed prior to beginning the PPP Loan Application process for the System will “time out” and you will have to start over, for your information is NOT SAVED. You need …read more →

Banking Update 04/03/20

Dear Schiff Dental Clients Good Afternoon! Here is a banking update as of April 3, 2020 5:30 PM BOA – accepting Loan Applications – ONLY if you are a commercial loan client with them or a BOA Credit Card Holder (i.e) 1) Bank of America small business loan 2. Bank of America checking account for …read more →

PPP Loans? Need answers to questions? Please read here:

Dear Schiff Clients Good Morning to all!  I hope each of you are well. Good News! It appears the Treasury Department has reversed its original decision of the subtraction of Federal Payroll Taxes, because they didn’t want to lend our businesses the “Federal Taxes”, so we are now back to “Gross Payroll”  with NO adjustments …read more →

Comparing CARES Act Provisions for Small Business Owners

Click Here to Download a Copy

Updated EIDL Grant/Loan Application from the SBA

If you filed your EIDL Grant/Loan Application before Sunday, March 29 at 9:30 PM EST, the MSDA, in conjunction with Schiff & Associates, is recommending you reapply using the new website from the Small Business Administration (SBA). Apply Here On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small …read more →

Notice from the U.S. Small Business Administration

We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic. On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business …read more →

Our Joint Correspondence with the ADA

Dear Schiff Clients, Happy Monday to all! I hope each of you are well, and your family is well and your employees are well too! As all of you know, I have been working with the ADA along with my Academy, the ADCPA, in getting a message out to the 200,000 Dentists in the US. …read more →

We are here for you! 03.26.20

Good Morning to all Schiff Clients, I hope each of you are well and safe and healthy! Today at 12 Noon, I will be sharing my understanding of the CARES ACT along with the Applications for Funds within the State of MARYLAND (Instructions for Maryland are below). For the Maryland Application, you will need the …read more →

Allen Schiff, CPA, CFE – MSDA presentation on Saturday, March 21, 2020 – Replay!

Covid-19 – a Financial checklist at this time!  

Financial Checklist Recommendations

Good morning to all! As you know, things are evolving quickly…this is a very “fluid” issue…suggestions are welcomed! Here is a checklist of items that you should consider putting in place this week (beginning Monday, March 23, 2020): Banking & Finance – “Payment Relief” Please be sure to email your commercial banks (please cc me …read more →

A Checklist You Should Consider This Week

Good morning to all! As you know, things are evolving quickly…this is a very “fluid” issue…suggestions are welcomed! Here is a checklist of items that you should consider putting in place this week (beginning Monday, March 23, 2020): Banking & Finance – “Payment Relief” Please be sure to email your commercial banks (please cc me …read more →

A COVID-19 Business Response Update as of March 23, 2020

We are here for you! Needless to say, last week was a very trying week, but also a rewarding week as well! I am here for you! Many of you are asking so many excellent questions. The most popular question is, “I have paid my last payroll for March 2020, what should I do”? As …read more →

Important COVID-19 Banking Information

Due to the recent development of COVID-19, your banking information may have changed: Bank Terms Affinity Bank 1 day turn around on Lines of Credit (if existing customer) and 3 months deferred payments. Bank of America Interest only 90 days, must request Bank of America 60 day deferral of payments + line of credit BBVA …read more →

Important Message from the ADA and AGD

Ask your members of Congress to include dentistry in COVID-19 relief packages As you know, the novel Coronavirus, COVID-19, has resulted in dentistry taking action to stop its spread. The ADA has called for dentists to stop performing elective procedures until further notice to curtail the virus. This has resulted in significant negative repercussions to …read more →

HR6201 – Families First Coronavirus Response Act

HR6201 – FAMILIES FIRST CORONAVIRUS RESPONSE ACT   The bill still needs to be passed by the Senate and then signed by the President before it becomes law. This is a very “fluid” situation. It is changing by the minute. So many of you have called, e-mailed and texted me your questions. All the questions …read more →

A friendly update from Schiff & Associates, LLC!

What a difference a weekend makes! A lot has changed since last Friday. The purpose of this email is to bring you and your team up to date on the latest C-19 financial issues. I have also included many websites for your review as well as upcoming webinars that may be of help to you …read more →

A Friendly Notice from Schiff & Associates, LLC!

No doubt, Covid-19 has taken all of us by surprise. It is amazing how this health issue that was first detected in China in December 2019 has taken the world under its ugly arms and created havoc on our everyday life, disrupting our normal routines, our family lives and of course our business lives. Late …read more →