According to the Paycheck Protection Program Loan FAQs #46 as of August 11, 2020 available at: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf: Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary… Continue reading PPP Rules On The “Required Good-Faith Certification” For Loans Less Than $2M
Category: COVID-19
8/28 Deadline To File For HHS Provider Relief Fund Subsidy Is Quickly Approaching
We have posted a lot of information regarding the Provider Relief Fund subsidy on our Covid-19 Recourse Blog available at: https://www.schwartzaccountants.com/covid19resources/, along with other timely information pertaining to the various stimulus opportunities available to help practice owners survive these challenging economic times. If you haven’t yet finalized your filing for this HHS PPE subsidy equal… Continue reading 8/28 Deadline To File For HHS Provider Relief Fund Subsidy Is Quickly Approaching
Maine’s New Recovery Grant Program Not Available To Doctors
According to the Maine Department of Economic and Community Development at: https://www.maine.gov/decd/sites/maine.gov.decd/files/inline-files/Maine%20Economic%20Recovery%20Grant%20Program.pdf The State of Maine plans to use CARES Act relief funding to help our economy recover from the impacts of the global pandemic by supporting Maine-based businesses and non-profit organizations through an Economic Recovery Grant Program. The funding originates from the federal Coronavirus… Continue reading Maine’s New Recovery Grant Program Not Available To Doctors
Attestation Matters For The HHS Provider Relief Fund Subsidy
Many of our clients have already received the HHS PPE subsidy equal to 2% of practice revenue reported on their most recently filed tax return. Along with the money showing up in their bank account, these practice owners also received a request to submit an attestation that the funds will be used properly. We have… Continue reading Attestation Matters For The HHS Provider Relief Fund Subsidy
Coronavirus-Related Opportunities For People With Retirement Plans And IRAs
The CARES Act provides for easy access to IRAs and other retirement plans for anyone who “experienced adverse financial consequences as a result of closing or reducing hours of a business that you own or operate.” Sounds like a great opportunity, right? Let’s start by saying that retirement accounts for working people should be used… Continue reading Coronavirus-Related Opportunities For People With Retirement Plans And IRAs
Try Not To Be Skeptical To Gov’t Subsidies Being Offered To Healthcare Practices
For 2 months or so, people throughout the U.S. were mostly quarantined in their homes which substantially reduced the number of visits made for medical and dental services. For the Medicare and Medicaid systems, that means that very little money was spent during those few months. The federal government is looking to find ways to… Continue reading Try Not To Be Skeptical To Gov’t Subsidies Being Offered To Healthcare Practices
Looking For PPE?
The word is that PPE is once again becoming challenging to obtain. One of our non-healthcare clients, GreenStreets USA Inc, a distributor of paper and cleaning products to businesses throughout New England, New York and New Jersey, notified me that they have stocked up on PPE and are now offering various deals to Schwartz& Schwartz… Continue reading Looking For PPE?
Deadline To Apply For The HHS PPE Subsidy Extended To 8/3
The U.S. Department of Health and Human Services (HHS) PPE Subsidy is now available to ALL dental practices to help fund the purchase of the necessary protective supplies needed to safely practice. Please apply for this HHS subsidy known as the Provider Relief Fund (PRF) at: https://cares.linkhealth.com/#/. The deadline to apply for this subsidy has… Continue reading Deadline To Apply For The HHS PPE Subsidy Extended To 8/3
7/24 Deadline to Apply for the HHS PPE Subsidy Equal to 2% of 2019 Collections
The U.S. Department of Health and Human Services (HHS) PPE Subsidy is now available to ALL dental practices to help fund the purchase of the necessary protective supplies needed to safely practice. Please apply for this HHS subsidy at: https://cares.linkhealth.com/#/. According to the HHS at https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/faqs/dental-distribution/index.html, to be eligible to receive the PPE subsidy equal… Continue reading 7/24 Deadline to Apply for the HHS PPE Subsidy Equal to 2% of 2019 Collections
ADA Announces New Stimulus Opportunity For Dentists
According to the ADA on July 10th at: https://www.ada.org/en/publications/ada-news/2020-archive/july/hhs-opens-provider-relief-fund-to-dentists: HHS opens Provider Relief Fund to dentists July 10, 2020 By Mary Beth Versaci Dentists who were previously ineligible for relief can now apply to receive funding from the U.S. Department of Health and Human Services' Provider Relief Fund. The American Dental Association worked closely with… Continue reading ADA Announces New Stimulus Opportunity For Dentists
6/30 Deadline For PPP Loan Application Probably Extended To 8/8
With almost $130 Billion in PPP funds still available for business owners, the Senate and House both passed bills extending the 6/30 due date to apply for this forgivable loan to 8/8. Assuming President Trump signs this bill into law, please consider applying for a PPP loan for your practice soon if you haven’t already… Continue reading 6/30 Deadline For PPP Loan Application Probably Extended To 8/8
7/15 Deadline For Tax Payments Approaching
According to the IRS in: IR-2020-131, June 26, 2020 WASHINGTON ― As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020. This postponement provided temporary tax relief in response… Continue reading 7/15 Deadline For Tax Payments Approaching
7/20 Deadline For Practices Accepting Medicaid To Apply For Federal Subsidy
Last month the HHS (Health and Human Services) announced there will be a Provider Relief Fund Distribution (established by the CARES Act) for Medicaid/CHIP providers. The funds granted do not have to be repaid. The deadline to apply for this federal subsidy is July 20th. Payments to each provider will be at least 2% of… Continue reading 7/20 Deadline For Practices Accepting Medicaid To Apply For Federal Subsidy
7/31 Deadline To File Payroll Tax Forms To Defer Social Security Match
As we wrote last month, practice owners with staff can take advantage of an interest-free loan in the form of a deferral of 2020 matching Social Security taxes into 2021 and 2022. Completing the quarterly payroll tax filing due 7/31 is an essential step for anyone looking to maximize this opportunity. Practice owners are required… Continue reading 7/31 Deadline To File Payroll Tax Forms To Defer Social Security Match
Form 5500 For 401K/Profit Sharing Plans Due 7/31
If your practice had a 401k/Profit Sharing Plan in place during 2019, make sure to file a Form 5500 for your practice retirement plan by July 31st. There are no taxes due with this form. Instead, the Form 5500 is an informational filing only. SEPs and SIMPLEs are exempt from this annual filing requirement. While… Continue reading Form 5500 For 401K/Profit Sharing Plans Due 7/31
COVID-19 HR Links From HR Specialist Laurie LaBrie
Last week Laurie LaBrie presented to members of the Massachusetts Society of CPAs to get us practice owners up to speed with what business owners in Mass need to do to keep their staff safe during these challenging times. Laurie’s talk included the following very helpful links: Develop COVID-19 Control Plan COVID-19 Control Plan: https://www.mass.gov/doc/covid-19-reopening-control-plan-template/download… Continue reading COVID-19 HR Links From HR Specialist Laurie LaBrie
6/30 Deadline To Apply For A PPP Loan Quickly Approaching
June 30th is the deadline for business owners to apply for a PPP loan if they haven’t already done so. Believe it or not, the SBA recently issued a revised PPP Loan Application form available at: https://home.treasury.gov/system/files/136/PPP-Borrower-Application-Form-Revised-June-12-2020.pdf Business owners and sole proprietors apply for this SBA loan through a bank and not directly with the… Continue reading 6/30 Deadline To Apply For A PPP Loan Quickly Approaching
Federal Subsidy Now Available For Practices That Treat Medicaid Patients
Last week the HHS (Health and Human Services) announced there will be a Provider Relief Fund Distribution (established by the CARES Act) for Medicaid/CHIP providers. The funds granted do not have to be repaid. Payments to each provider will be at least 2% of reported gross revenue from patient care, with the actual amount each… Continue reading Federal Subsidy Now Available For Practices That Treat Medicaid Patients
Looking for KN95 Masks?
One of our non-healthcare clients is GreenStreets USA Inc, a distributor of paper and cleaning products to businesses throughout New England, New York and New Jersey, has stocked up on KN95 masks and is now offering this deal to Schwartz& Schwartz clients: KN95 Face mask - FDA approved *Full size, easily covering nose and mouth,… Continue reading Looking for KN95 Masks?
Q1 and Q2 Estimated Tax Payments Due 7/15/20
The deadline to file and pay your 2019 federal income taxes has been extended to 7/15/20. Same deadline applies for Q1 and Q2 estimates for your 2020 federal taxes as well as for most states. However, some states including ME, NH, NY and RI appear to have pushed their estimated tax deadline back to only… Continue reading Q1 and Q2 Estimated Tax Payments Due 7/15/20