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

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

PPP Update and Status of Dentists Recovery

As many of you may know, shortly after our last global email, the Senate did in fact pass the new Paychex Protection Program Flexibility Act this past Friday. The president immediately signed it into law. All the provisions of the bill we outlined in our last global email, passed. The bottom-line of this new bill is that you have 24 weeks to use the PPP funds toward eligible costs. There are other provisions that ease the forgiveness requirements, but this is the most important. Considering...Read More

PracticeCFO Update on PPP: House Passes Bill Easing Forgiveness Requirements

Dear client, We’re happy to say that virtually 100% of clients that requested us to apply for their PPP, received the funds. They are now using these funds to operate the reopening of their practice. I’m proud of our team here at PracticeCFO and the way they mobilized to get the PPP money into your accounts. If you’ve been happy with how we’ve served you during this period or before, we would be exceptionally grateful if you would give your CFO advisor a quick online review with a few...Read More

PracticeCFO Global Update: PPP and EIDL

Dear client, Some of our clients are beginning to receive the PPP loan. Please notify us immediately if you do. We need to know the day you received the funds, as well as the amount. Congress should be passing additional funding to add $310 billion to the PPP program and $60 billion to EIDL.  So far, it has only passed the Senate, and details are still up in the air.  We’d like to give you a step-by-process in getting the loan, as well as reiterate key points to obtaining loan...Read More

Upcoming PracticeCFO Webinar for all Clients

Dear client,   PracticeCFO will be providing a national webinar to our clients and all invited dentists. In this important webinar, we’ll provide our financial recommendations during this time of COVID 19. Please join us. We believe it will answer many of your questions.   Fri, Mar 27, 2020 12:00 PM – 1:30 PM (PDT)   Webinar details Financial Planning for Dental Practice Owners Through COVID-19 Explaining unemployment, sick, and medical leave laws related to C19, and how...Read More

Popular COVID-19 Questions and Answers (Q&A) for Dentists’ and Dental Practice Owners

Dear clients Here is another set of questions you’ve all been asking, and our answers to those questions: As an employee of my corporation, should I file for unemployment? Technically you’re eligible if you meet the requirements outlined by the EDD here (for CA clients) and in some cases it will make sense. However, some thoughtful consideration should be given to the following factors: The work performed as “emergency” or “essential” work will be reported in the weekly...Read More
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