Financial Resources Related to the COVID-19
The AAO is compiling information from a variety of sources to help members develop strategies for managing financial disruptions caused by the coronavirus. Additional resources will be added as they become available.
- NEW: Cain Watters Provides Update on the Families First Coronavirus Relief Act
- NEW: Resource on State-Based Support for Small Businesses Now Available
- PPP Loan Forgiveness Application
- WEBINAR: What You Need To Know About the New PPP Loan Forgiveness Application
- Tax Relief for Businesses
- Tax Relief for Individuals
- 90 Day Cash Flow Plan for Reopening Your Orthodontic Practice
- Leveraging the Employee Retention Tax Credit (ERC)
- Financial Management for the Unemployed Orthodontist
- Webinar: Understanding the CARES Act
- 3 Things in the CARES Act Orthodontists Need to Know
- Treasury Secretary Says Individuals Can Defer Up To $1M In IRS Tax Payments Amid Coronavirus Outbreak
- Income Tax Filing Deadline Will Now Be July 15 (Same as the Payment Deadline)
- State Tax Filing Relief
- Cain Watters Offers Guidance on Cash Flow and Staffing
- Small Business Administration Loans Available Via the CARES Act
- SoFi Encourages Inquiries about Loan Payment Forbearance Options
- Facebook to Award Grants to Businesses Affected by the Coronavirus
Cain Watters Provides Update on the Families First Coronavirus Relief Act
Orthodontic practice owners and employees who are impacted by qualifying conditions may be eligible for paid sick leave under the Families First Coronavirus Relief Act (FFCRA). In a March 19 blog, Cain Watters detailed the act’s paid sick-leave benefits for both employers and employees.
A new Cain Watters update on the FFCRA reviews the act and the two types of paid leave employers may be required to pay as employees return to work in the coronavirus environment. Requirements for sick-pay and leave-pay as designated in the act apply to all employers with fewer than 500 employees. Cain Watters also explains the tax credits for required leave benefits.
Resource on State-Based Support for Small Businesses Now Available
The U.S. Senate’s recent action in passing legislation bringing more flexibility to usage of the Paycheck Protection Program (PPP) will likely help many small businesses, including orthodontic practices. Allocations of funding may vary from one state to another, however, and in addition, some states also have their own loan or grant programs for small businesses.
Best Accounting Software has analyzed and ranked the level of support states offer small businesses. The firm’s comprehensive online guide ranks each state based on help for small businesses during the pandemic.
View the Best Accounting Software Resource
(Click on State Loans Available at right to view a chart with 450 listings of state loan programs.)
Cain Watters & Associates Present Webinar on PPP Forgiveness
On May 15, 2020, the U.S. Department of the Treasury and the Small Business Administration released the application for forgiveness of Paycheck Protection Plan (PPP) loans. You can find the application and instructions here. The SBA has yet to release more information or specific guidance on the forgiveness criteria, but in this webinar CPAs Judson Crawford and Scott Clynch discuss the forgiveness application and key takeaways for those who have received PPP loans. Please note that borrowers will have until October 31, 2020 to complete this application and submit it to their lender. (This communication is for education purposes only and should not be considered personal financial advice.)
Members who wish to view this webinar may access it here.
Treasury Secretary Says Individuals Can Defer Up To $1M In IRS Tax Payments Amid Coronavirus Outbreak
Business Insider (3/18, Loudenback) reports that U.S. Treasury Secretary Steven Mnuchin announced that individuals who owe taxes for 2019 can defer their payments for 90 days, interest and penalty free, up to $1 million. To take advantage of the payment deferment, you must still file your taxes by the regular April 15 deadline. Those expecting tax refunds should also file by April 15 as usual.
“If you owe a payment to the IRS, you can defer up to $1 million as an individual — and the reason we are doing $1 million is because that covers pass-throughs and small businesses — and $10 million for corporations, interest-free and penalty-free for 90 days. All you have to do is file your taxes,” Mnuchin said during a White House briefing.
IRS releases guidance on deferring tax payments due to coronavirus: Learn more
Income Tax Filing Deadline Will Now Be July 15 (Same as the Payment Deadline)
Bloomberg News (March 20) reports Treasury Secretary Steven Mnuchin announced that at President Trumps direction, the income tax filing deadline will be pushed back to July 15 from April 15.
“We are moving Tax Day from April 15 to July 15,” said Mnuchin. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
State Tax Filing Relief
States are providing tax filing relief for individuals and businesses. Check out the latest developments provided by the AICPA.
Cain Watters Offers Guidance on Cash Flow and Staffing
CWA Blog (3/16). An advisory post, “Managing Cash Flow, Staffing during COVID-19,” lists recommendations for maintaining or increasing a practice’s cash flow if needed.
CWA Blog (3/17). An additional post, “Options Available if You Make the Decision to Close or Limit Hours and Staff” provides direction on furloughing staff and working with state unemployment agencies. Additional options discussed include allowing staff to use accrued sick leave/vacation time and continuing full pay.
Personal Financial Planning Tips For Crisis Situations: https://www.cainwatters.com/digitalblogs/financial-tips-for-crisis/
SoFi Encourages Inquiries about Loan Payment Forbearance Options
SoFi (Social Finance, Inc., 3/18). SoFi, the AAO endorsed student loan consolidation discount program for members, shared the following message:
“AAO members, we understand that you may have questions at this point related to your student loans. The federal government has made some recent announcements about interest payments and the impact of COVID-19.
“Those members that have leveraged SoFi’s student loan refinancing program endorsed by the AAO should reach out to SoFi directly with any questions they might have. If you are experiencing difficulty making your payments due to the Coronavirus situation, please contact us to discuss your forbearance options available to temporarily postpone your monthly payment. If you are directly impacted by Coronavirus or you are experiencing interruption, reduction or loss of pay due to the National Emergency, we can help you.
“Amid evolving news and uncertainty surrounding COVID-19, your financial needs are our priority. Please contact us at firstname.lastname@example.org or chat with us at SoFi.com. We are also available via phone at 1-855-456-7634.”
Facebook to Award Grants to Businesses Affected by the Coronavirus
Facebook for Business, (3/18). Facebook announced its Small Business Grants Program will offer $100 million in cash grants and ad credits to help address financial disruption caused by the coronavirus. Funds will be available to help cover rent and workforce and operational expenses. The application process is currently in development. Interested business owners are invited to sign up to receive information when it becomes available.
From Good to Great in a Tough Economy
Utilize this PCSO webinar as a resource during difficult financial times.