PracticeCFO Comments on the ERC Credit and PPP2

Dear Clients & Friends of PracticeCFO, We wanted to quickly address two follow-up comments with the recent Consolidations Appropriates Act: The Employee Retention Credit (ERC): This credit is quite interesting to us. In our first calculations, it can be significant. It requires no certification (like PPP2), is now eligible even if you received PPP1, and can be applied for retroactively. If your office was “partially or fully suspended due to COVID-19 orders from an...Read More

PPP2 Applications And CCA Updates

Dear Client & Friends of PracticeCFO, Two items in this release: Updates to our prior guidance about the recently passed legislation:  We were incorrect regarding the moratorium on student loan payments. Per Studentaid.gov: “After the student loan payment suspension ends 1/31/21, no payment will be due before 2/22/21.” However, it appears your student loan payment will be due after that and auto-withdraws will continue. The employee retention tax credit: You are...Read More

Paycheck Protection Program (PPP2) And Other COVID-19 Updates For Dentists

Dear Client & Friends of PracticeCFO With yesterday’s newsletter introducing many new details to the Consolidated Appropriations Act of 2021 (the latest COVID-19 relief package signed into law), we wanted to expand further on what exactly these points mean. Please tune in to our latest video, led by Wes, where we clarify in detail what to expect with this latest round of PPP. You can listen to it as a podcast or watch as a screencast. Watch...Read More

New Legislation on PPP Round 2 and other COVID-19 Stimulus

Dear Clients and Friends of PracticeCFO, Well, the New Year is starting off with some excitement.  Around 10% of our clients across seventeen states are now reporting staff getting COVID-19 – and in all cases, believed to have been contracted outside the workplace.  Prior to December, we could count these stories on one hand. Thankfully, everyone seems to recover quickly and vaccines are on their way in 2021! Hot Topics for this Newsletter: The new Stimulus Bill signed 12/27/20 and...Read More

PPP Forgiveness Update

Most of you have now completed the 24-week “covered period” window for using PPP funds that commenced when you received the funds. We have received questions about when PPP recipients should apply for forgiveness. A few things to know first: 1. Forgiveness applications aren’t due until 10 months after the end of the 24-week covered period. For most of you, this deadline would be Summer 2021. 2. Whether they are forgiven this year or next, the IRS will consider the presumptively forgiven...Read More

PracticeCFO Meets Dentistry Uncensored!

Have you tuned in to our latest feature? Check out PracticeCFO’s founder Wes Read’s latest podcast interview with Dentistry Uncensored’s Howard Farran! They discuss everything from timelines to the financial tips & tricks all essential for dental success. Also included is an exciting sneak peak at our new program, Associates On Fire! Watch the full video here....Read More

Additional HHS Grant And Staff Testing Positive For COVID

Dear clients and friends of PracticeCFO, Just a reminder that if you’re a client of PracticeCFO and would like us to apply for this new round of HHS grant funding, please complete this form. We sent an email earlier this week with the details of this new grant. Additionally, and very importantly, our friend Caroline Epps from Dentists Insure notified us of the following. Please keep this in mind if your staff test positive for COVID. For additional questions, you can reach out to...Read More

Provider Relief Fund Phase 3 Grant

Dear clients and friends, Yesterday, you may have received notification that the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), will be distributing up to $20 billion in Phase 3, as part of ongoing efforts to offer financial support to healthcare providers for expenses and lost revenues attributable to the COVID 19. Even if you received funds from HHS previously, you may be eligible to receive an additional amount. It’s...Read More

PPP Forgiveness

Dear clients and PPP recipients, Many of you are asking questions about receiving forgiveness of your PPP loans. Bottom line: There is no need to rush to apply for forgiveness. You have 10 months from the end of the 24-week period, accrued interest is small and will likely be forgiven, and we believe Congress will pass legislation simplifying the forgiveness application.  For the many of you who had PracticeCFO do your accepted PPP application, we will automatically process the...Read More

Back to School and COVID FFCRA Pay to Your Staff

This blog post applies for any dentists with employees that: Are requesting time off in order to be at home to care for their children that are enrolled in online school or for whom day care is not available. Are requesting time off to care for themselves or a family member that have been affected by COVID. With virtual school starting, and parts of the economy opening back up, there may be a renewed interest in the Family First Coronavirus Response Act (FFCRA). After all, it dictates what...Read More
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