COVID-19 Resources for Our Clients
On this page, we’ve compiled our articles, guides, and resources to help our clients address tax and practice management issues relating to COVID-19.
We will continue to post updates on this page as they become available.
Quick Links to Sections:
General Guides & Applications:
- From SBA – The Paycheck Protection Program Loan Forgiveness Application
- A good summation of the recent federal bill: Senate Committee on Finance – Summary of Coronavirus Bill
- US Senate Committee on Small Business & Entrepreneurship – Small Business Owners Guide to the CARES Act
- Guide to Emergency Loans from US Chamber of Commerce –Â Care US Chamber of Commerce summary of PPP
- Application to submit to SBA Participating Lender –Â Borrower Paycheck Protection Program Application (v1)
- From IRS- Paycheck Protection Program (PPP) Loans Frequently Asked Questions
- From IRS – FAQ on Retention Credit under CARES Act
- From American Institute of CPAs – Guide to PPP Loan Forgiveness
- From Paychex – PPP Loan Forgiveness Estimator
- MA Dept. of Unemployment – FAQ on return to Work and Guide for Employers
- A good guide from U.S. Chamber of Commerce – Coronavirus Emergency Loan Small Business Guide & Checklist
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Donate PPE:
- Please consider donating any personal protective gear your dental practice may have available. Go to MA website for more info and to donate: https://www.mass.gov/covid-19-ppe-procurement-and-donation-program
Purchase PPE:
- One of our non-healthcare clients, Green Streets USA Inc, a distributor of paper and cleaning products to businesses throughout New England, New York and New Jersey. They have stocked up on PPE and are now offering various deals to Schwartz& Schwartz clients. For more information about tough-to-get-but-necessary PPE products, please call Green Streets at (603) 889-8116 or email: info@greenstreetsusa.com.
8/31 is Deadline to Repay Any Required Minimum Distributions Taken in 2020 Including From Inherited IRAs
Another recent development gives people until 8/31/20 to repay any Required Minimum Distributions taken so far in 2020, including RMDs from inherited IRAs. According to the IRS at: IR-2020-127, June 23, 2020 WASHINGTON - The Internal Revenue Service today announced...
Buy Yourself 3 Months On July 15TH (For Some Tax Filings But Not All)
File Something on or Before 7/15 If you can't get your tax returns completed by July 15th, make sure to file for an automatic extension. Filing something on July 15th is the only way to avoid the Failure to File Penalty equal to five percent per month on any 2019...
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...
MA is Now Being Inundated with Fraudulent Unemployment Claims
Beware. We've now heard from multiple clients that fraudulent unemployment claims were filed under their name and SSN. Scary stuff. Here is the advice we're giving to those clients: There is a Mass website to report suspected fraudulent claims:...
Unemployment Assistance Available for Self-Employed and Independent Contractors
Included in the recently passed CARES Act is Pandemic Unemployment Assistance (PUA) which provides additional unemployment insurance benefits to those who normally would not qualify to receive unemployment benefits. Recipients of PUA include self-employed individuals...
Household Employers – How the Families First Act impacts you
The Families First Act took effect April 1 and does cover household employers. However, the Department of Labor has the discretion to exempt businesses with under 50 employees if the business can demonstrate that the new requirements would jeopardize its viability....
Big Changes to Unemployment for Self-Employed & Independent Contractors
The CARES Act allows people not paid as W2 employees to collect unemployment. Never eligible in the past, self-employed individuals and independent contracts can now file for unemployment benefits as long as their loss in income is connected to the current pandemic...
Penalty-Free Retirement Plan Distributions
Let me start by saying that retirement accounts for working people should be used only as a last resort. That being said, the CARES act includes a provision allowing you to withdraw up to $100k from your IRA or work Retirement Plan penalty-free if you are affected by...
Student Loan Forgiveness
The CARES Act includes a provision suspending payments and waiving the interest on any federal student loans through September 30, 2020. Please go online with your loan servicer to make sure that they are following through on this valuable break from paying these...
COVID-19 Stimulus Payments
In the Coronavirus Bill passed today by Congress, most adults will get $1,200 stimulus payments and do not need to file any type of application to get this relief. There is an income threshold, however. Single filers with an AGI of $75k or less will get the full...
Filing Info & Relief For Individual Tax Payers
Update 3.27.2020 Massachusetts and New York have officially extended the tax deadline date to July 15, 2020 which matches the IRS extended deadline date. Read MA DOR Announcement Info for Individual Taxpayers: The IRS relief provisions resulting from COVID-19 might be...
You Might Qualify For Additional PPP1 Funds
According to the Top-line Overview of First Draw PPP loans available at: https://www.sba.gov/document/support-top-line-overview-first-draw-ppp PAYCHECK PROTECTION PROGRAM FIRST DRAW LOANS SBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans the...
How To Spend Your PPP2 Money
Our clients are starting to receive their PPP2 loan proceeds. We just want to remind you how to spend that stimulus money so the full amount will be forgiven. According to an article in the Journal of Accountancy available at:...
SBA Announces Simplified Forgiveness Applications For PPP Loans Under $50K
The SBA recently issued Form 3508S (https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S.pdf) which greatly simplifies the loan forgiveness application for practices that received PPP Loans of less than $50k. If you complete the...
No Rush On Your PPP Loan Forgiveness Application
Practice owners who received the PPP loan earlier this year had 24 weeks to spend the funds on certain payroll and facility expenses to qualify for full forgiveness of that loan. For many of our clients, the 24-week Covered Period has recently ended. Did you know that...
PPP Rules On The Required Good-Faith Certification For Loans Less Than $2M
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...
PPP Forgiveness FAQS From Our Friends At TD Bank
Below is a list of "Frequently Asked Questions" put together by our friends at TD Bank to help answer some of their clients' questions. This info should be helpful to anyone who received a PPP Loan. Loan Forgiveness Q: How do I apply for loan forgiveness? TD Bank will...
No Rush to Submit PPP Forgiveness Calculations to Your Lender
For many of you, the initial 8-week PPP Covered Period ended, and we?ve received a lot of inquiries about helping submit the forgiveness paperwork to their lenders. Please be patient as there is no rush. For starters, the Covered Period is now 24 weeks, so everyone is...
PPP Update For Including Owner Benefits In The Loan Forgiveness Calculation:
The rules concerning whether retirement plan contributions and health insurance premiums paid on behalf of practice owners can be included in the PPP forgiveness calculation were revised yet again. According to the SBA on Page 4 of the information available at:...
Timing Of Non-Payroll Costs Eligible For PPP Forgiveness Calculation
According to the SBA on Page 4 of the information available at: https://home.treasury.gov/system/files/136/PPP--IFR--Revisions-to-Loan-Forgiveness-Interim-Final-Rule-and-SBA-Loan-Review-Procedures-Interim-Final-Rule.pdf: A nonpayroll cost is eligible for forgiveness...
New EZ PPP Loan Forgiveness Application
In a move to make it even easier for small business owners to have 100% of their PPP loans forgiven, the SBA issued a simplified version of the PPP Loan forgiveness application as follows: Form 3508EZ:...
Potential PPP Pitfall Eliminated For Self-Employed Individuals
Until the most recent revision to the PPP loan forgiveness rules, there was a potential PPP pitfall for self-employed individuals who have no staff nor pay rent or utilities for office space.? Having 100% of their PPP loan forgiven would have been virtually...
PPP Forgiveness Calculation Now Includes Up To $20,833 For Owner Comp
The revised rule allowing practice owners to include up to $20,833 of their compensation towards the PPP loan forgiveness calculation extends to S-Corp owners too. Previously, owner comp was capped at $15,385, which is a max salary of $100k divided by 52 weeks...
Revised PPP Forgiveness Application Now Available
The SBA incorporated the revised forgiveness rules in the updated PPP Loan Forgiveness Application available at: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf.
New “Check-the-Box” FTE Safe Harbor Helps Practices Maximize Forgiveness
When it comes to having the PPP Loan fully forgiven, what was keeping practice owners up at night was the requirement to re-staff to 2/15/20 levels by 6/30/20 to qualify for full forgiveness.? The revised PPP Loan Forgiveness Application available at:...
New PPP Loan Rules Reduce Payroll Cost Requirement to 60%
The Paycheck Protection Program Flexibility Act (PPPFA) signed into law on June 5, 2020 had some extremely beneficial changes for practice owners. One of the more significant changes reduces the minimum percentage of the PPP loan proceeds required to be spent on...
Congress and IRS Disagree on Deductibility of Expenses Paid Using PPP Loan Funds
A battle seems to be brewing between Congress and the IRS on whether businesses can write off expenses paid with PPP funds that are forgiven. As a general rule, ?forgiveness of debt? is taxable to businesses that are solvent. Even so, Congress and the IRS both agree...
Very Favorable Changes Enacted For The PPP Loan Forgiveness Calculation
On Friday, President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) into law.? Let?s start with the To Do List based on the recently revised PPP rules: PPP TO DO LIST (Updated after new rules enacted on 6/5/20): If you haven?t yet applied for the...
Review Of Recent Changes Made To PPP Loan Rules
Last week brought great news for practice owners who want to best utilize their PPP money. Here are the changes made to the PPP rules by the Paycheck Protection Program Flexibility Act (PPPFA) enacted into law the end of last week: Extends the 8-week Covered Period to...
Looks Like More Changes on the Way for the PPP Loan Forgiveness Calculation
Last week brought great news for practice owners who haven?t spent all their PPP money yet. On Thursday May 27th, the House of Representatives passed a bill making the following changes to the PPP forgiveness calculation: Extends the 8-week Covered Period to 24 weeks,...
FTEs Matter
Understanding how the number of Full Time Equivalents (FTEs) working at your office impacts the PPP loan forgiveness calculation is essential for anyone looking to max out the portion of this SBA loan that will ultimately be forgiven.? According to the SBA rules...
Increase PPP Forgiveness With Health Insurance Premiums and Retirement Plan Contributions
Last week we posted information about how the PPP loan forgiveness calculation works at: https://schwartzaccountants.com/2020/05/ppp-forgiveness-guidelines-finally-issued. Included in that post was the following vague guidance from the SBA about how certain employee...
PPP Forgiveness Guidelines Finally Issued
Over the weekend, the SBA finally issued guidelines on how the loan forgiveness calculation will work.? The Paycheck Protection Program Loan Forgiveness Application is available at:...
How To Max Out The Loan Forgiveness
The clock is ticking. Assuming your office has been closed for more than a month, what can you do now to maximize the loan forgiveness? The first step is to determine if you will be able to fully staff up by 6/30/20 to qualify for the Safe-Harbor described above.?...
We Can Help With The PPP Forgiveness Paperwork
Later this year, most likely during June or July, our payroll team and staff accountants will be proactively helping our clients who utilize our firm?s payroll service with the info needed to prepare the loan forgiveness application.? Remember, we need the 6/30/20...
Please Put PPP Forfeiture in Perspective
Maximizing the portion of your PPP loan to be forgiven should be one of your goals.? Taking steps to ensure that the full amount of your loan is forgiven might be short-sighted. Too many clients seem singularly focused on doing whatever it takes for the full PPP to be...
Should You Pay Back Your PPP By Thursday 5/14?
Many of our clients got the PPP during the initial phase three or four weeks ago.? Others got their PPP loans much more recently.? Either way, should you consider fully repaying the PPP loan by Thursday, May 14th? One big issue that impacts your decision is whether...
How to Best Utilize Your PPP Loan
Congratulations if you received either your PPP 7(a) loan or notification from your lender that you will receive those funds soon. Now you need to figure out how to make the best use of this forgivable loan. Please remember that the primary purpose of the PPP loan is...
How to Best Time When to Apply for your PPP Loan
Hindsight is 2020. That being said, you don?t have the luxury of hindsight when it comes to figuring out when is the best time to apply for a PPP 7(a) loan for your practice. Let?s assume you meet these three conditions: You have temporarily closed your practice and...
Practice Owner “To-Do List” Following the Passing of the CARES Act
Now that the CARES Act has been passed into law, now is the time to finalize your planning for this period of time that your office is temporarily closed and also for when the office reopens later this year. ? Submit the paperwork with the SBA to receive the $10k EIDL...
Opportunities for Small Employers
The CARES Act focuses on helping small employers with less than 500 employees keep their doors open and retain their staff. Let?s first take a look at the forgivable loan being offered. Known as SBA 7(a) loans, the rules move the processing of these loans from the...
Additional EIDL Advance Funds May Be Available
The SBA recently posted information about a new Targeted EIDL Advance at: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/covid-19-economic-injury-disaster-loans as follows: COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020,...
HHS Announces Additional Provider Relief Funds. Application Due 11/6
Last week, the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), announced $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Most healthcare practice owners should...
How To Pay Off the EIDL Loan
The SBA made it very easy for practice owners to receive an EIDL loan of up to $150k with a fixed 3.75% interest rate over a 30-year term. And a lot of practice owners decided to accept this EIDL loan. As we posted:...
How To Pay Off The EIDL Loan
The SBA made it very easy for practice owners to receive an EIDL loan of up to $150k with a fixed 3.75% interest rate over a 30-year term. And a lot of practice owners decided to accept this EIDL loan. As we posted last month at:...
More Info About EIDLS
As we wrote last week, the SBA is now reaching out to small business owners that their Economic Injury Disaster Loans are now available.? That article is available at: https://schwartzaccountants.com/2020/05/economic-injury-disaster-loans-eidl-are-now-granted/ There...
Economic Injury Disaster Loans (EIDL) are Now Granted
By the end of last week, a few clients reached out to us to let us know that they received the SBA approval for their EIDL loan.? The amount for most loans came in at $150k. We were then asked if they should take advantage of these loans. We are recommending that...
Instructions to completing the EIDL Application
We?ve received numerous calls and emails about completing the EIDL Application with the SBA. Now that I?ve spent some time looking at the forms and limited instructions, I see why. Here are line by line instructions (based on my understanding of how they should be...
General Posts For Practice Owners/Employers:
PPP Formula Enhanced For Sole Proprietors Earning Less Than $100K:
The SBA announced on 2/22/21 at: https://www.sba.gov/article/2021/feb/22/sba-prioritizes-smallest-small-businesses-paycheck-protection-program: The SBA will Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial...
Employee Retention Credit Update
The IRS has issued guidance on the Employee Retention Credit (IRS Notice 2021-20). In short, the current rules require that employers looking to claim the ERTC must amend the applicable 2020 quarterly payroll tax filings (Form 941) and must also reduce the deduction...
ERTC Spells Opportunity But Also Filing Delays For Practice Owners
Just checked the IRS website to read about the updated Employee Retention Tax Credit (ERTC) rules at: https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act, and was greeted by this message: Alert: Note that the Taxpayer Certainty and Disaster...
Mass Confusion for Massachusetts Practice Owners
According to the Mass Department of Revenue at: Tax Filing Season Frequently Asked Questions | Mass.gov, Massachusetts is not currently providing the same tax-free treatment to the PPP Loans and EIDL advance as the federal government. There is still a chance that...
PPP For Small Business and Sole Proprietors
The SBA offers several different relief options to help small practice owners recover from the impacts of COVID-19. Please note these very important facts about the PPP Loan program: The PPP Loan is available to self-employed physicians, dentists, and mental health...
You Might Qualify For Additional PPP1 Funds
According to the Top-line Overview of First Draw PPP loans available at: https://www.sba.gov/document/support-top-line-overview-first-draw-ppp PAYCHECK PROTECTION PROGRAM FIRST DRAW LOANS SBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans the...
No Update By HHS On The PRF Self-Reporting Requirement
We checked the Provider Relief Fund (PRF) Reporting Portal Frequently Asked Questions (FAQs) available at: https://hrsac19.my.salesforce.com/sfc/p/#t00000004XgP/a/t0000001FId8/wN.4dTa.NRiNhwh_0CBblH6gvvedhqOt7_.5OS7rP6U We found no update on when you need to comply...
How To Spend Your PPP2 Money
Our clients are starting to receive their PPP2 loan proceeds. We just want to remind you how to spend that stimulus money so the full amount will be forgiven. According to an article in the Journal of Accountancy available at:...
Additional EIDL Advance Funds May Be Available
The SBA recently posted information about a new Targeted EIDL Advance at: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/covid-19-economic-injury-disaster-loans as follows: COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020,...
PPP Round 2 Applications Now Being Accepted
Lenders are now accepting applications for the Second Draw PPP loans. Keep in mind that the recent enacted Stimulus Package included a provision that the PPP2 Loan can be both fully forgiven and also not taxable to the business owner. To be eligible for PPP Round 2,...
Provider Relief Fund Recipients Need To Register At New HRSA Portal
2/15 Self-Reporting Deadline Extended to Unspecified Date Did you receive more than $10k in Provider Relief Funds (PRF) from HHS? If so, please go online to the Provider Relief Fund Reporting Portal available at: https://prfreporting.hrsa.gov and register as a new...
Create A Winning Plan
Guest Writer Brenda Loan Baker, Executive Coach, Fortune Management Northeast Here we are, the first week of January. The traditional time goals for the new year is upon us! What is the difference between the people who set their goals and reach or surpass them and...
PPP + ERTC = Opportunity For Practices That Were Temporarily Closed Last Spring
On December 27th, President Trump signed the $900 Billion Stimulus Package into law that included a provision allowing practices to claim the Employee Retention Tax Credit (ERTC) even if that practice had received a PPP Loan. What does that mean for you and your...
FFCRA Deadline Extended From 12/31/20 TO 3/31/21
U.S. Department of Labor Publishes Guidance on Expiration of Paid Sick Leave and Expanded Family and Medical Leave for Coronavirus WASHINGTON, DC – The U.S. Department of Labor’s Wage and Hour Division (WHD) today announced additional guidance to provide information...
MA Growth Capital Corportation (MGCC) Grant Update
Recently, the Massachusetts Growth Capital Corporation issued more information about the $668 million grant program. When reading through the guidelines of the Sector-Specific Relief Grant Program for Massachusetts Businesses, you might get a sense that this program...
Employee Retention Tax Credit (ERTC) Updates
On December 27th, President Trump signed the $900 Billion Stimulus Package into law that included a provision allowing practices to claim the Employee Retention Tax Credit (ERTC) even if that practice had received a PPP Loan. The Stimulus Package also increased the...
PPP Update
On December 27th, President Trump signed the $900 Billion Stimulus Package into law that introduced a second round of PPP loans (PPP2). Most healthcare practices that were required to close their offices last spring should qualify for PPP2. Same goes for...
Additional SBA Filing Requirements For Practices With An EIDL
During the spring, the SBA offered practice owners an Economic Injury and Disaster Loan of up to $150k in addition to the PPP Loan of 2.5 times eligible monthly payroll costs and the EIDL Advance of $1k per employee, up to $10k. While almost all our clients accepted...
HHS Announces Payout Formula For Phase-3 of the HHS Provider Relief Fund
According to the ADANews at: https://www.ada.org/en/publications/ada-news/2020-archive/december/hhs-provider-relief-fund-phase-3-payments-underway: The U.S. Department of Health and Human Services said Dec. 16 that the next round of Provider Relief Fund distributions...
Massachusetts Announces $668 Million Second Round For COVID-19 Grants to Small Businesses
Last week the Massachusetts Growth Capital Corporation (MGCC) started paying out the first round of the Covid-19 Grants totaling $50.8 Million to just over 1,100 of the 10,000 business that applied. A few of our clients with practices received this $75k grant. The...
Stimulus Bill Allows $5k per Employee Retention Tax Credit Even If You Got The PPP
One provision apparently included in the Stimulus Package that hasn’t gotten much press is that practices would be able to claim the Employee Retention Tax Credit (ERTC) of up to $5k per employee even if the practice received a PPP Loan. The payroll tax credit is...
Most Recent Stimulus Bill Allows Deductibility of Expenses Paid With PPP
Congress did it. As part of the recently passed Stimulus Bill, expenses paid with your PPP loan and EIDL Advance (that would also now be forgivable thanks to this bill) are fully deductible. This bill supersedes prior announcements made by the IRS to the contrary....
HHS Began Distributing Phase-3 Provider Relief Funds Last Week
On December 16th, many of our clients started to see their HHS PRF Phase-3 Subsidy pop up in their practice bank accounts. If you applied for this Phase-3 Subsidy but did not receive any funds yet, please contact HHS soon. According to one of my clients: “I called...
COVID-19 Guidelines For Practice Owners With Staff
With COVID-19 sadly on the increase, employers are asking us more questions than ever about their responsibilities to pay their staff who cannot come to work for COVID related reasons. Basically, if you have an employee who cannot come in to work for COVID related...
Schedule C and PPP Loan
Many of our business owners have had questions with regard to the application for PPP loan forgiveness. If you are a Schedule C filer (sole proprietor or single-member LLC) and are unsure about the next steps to take with regard to your PPP loan, our firm’s guidance...
Friday 11/6 Is Deadline To File For Phase-3 Of The HHS Provider Relief Fund
As we posted last month, the HHS announced that additional Provider Relief Funds are available to healthcare professionals. You can read that post at: https://schwartzaccountants.com/2020/10/hhs-announces-additional-provider-relief-funds-application-due-11-6/. Phase-3...
Thursday 11/12 Is Deadline To Apply For Massachusetts COVID-19 Grant For Small Businesses
According to information available at: https://www.empoweringsmallbusiness.org/covid-19-response/covid-19-grants-massachusetts-small-businesses , the Commonwealth of Massachusetts has made $50.8 million in grants available to support small businesses,...
Massachusetts Announces COVID-19 Grants For Small Businesses
According to information available at MGCC: Â the Commonwealth of Massachusetts has made $50.8 million in grants available to support small businesses, microenterprises, and their employees, families and communities. Massachusetts Growth Capital Corporation (MGCC) will...
HHS Announces Additional Provider Relief Funds. Application Due 11/6
Last week, the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), announced $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Most healthcare practice owners should...
2/15/21 Deadline For Recipients of HHS Provider Relief Fund to Self-Report
According to the HHS at: https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/reporting-auditing/index.html: "All recipients of more than $10,000 of Provider Relief Fund (PRF) payments are required to comply with the reporting requirements described in the...
Deadline to Apply For The HHS Provider Relief Fund Extended to 9/13
According to information available at: https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/faqs/general-distribution/index.html, the deadline to apply for the HHS PPE Subsidy has been extended to 9/13/20. We have posted a lot of information regarding the...
Private practice? Deadline to Apply for HHS Provide Relief Fund Subsidy is 9/13
If you're a mental health professional with a private practice, please consider applying for the HHS Provider Relief Fund Subsidy equal to 2% of gross private practice revenue as reported on your most recently filed tax return. The deadline to apply is 9/13. ** A...
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://schwartzaccountants.com/covid19resources/, along with other timely information pertaining to the various stimulus opportunities available...
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...
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...
9/15 Deadline For Q3 Estimated Taxes Will Be Challenging For Practice Owners
2020 has been a crazy year for taxes. The 2019 filing deadline was pushed back from 4/15/20 to 7/15/20. Q1 and Q2 estimates normally due 4/15/20 and 6/15/20 were also pushed back to 7/15/20. For some practice owners, July 15th was a very expensive day for taxes. Now,...
NH Healthcare System Relief Fund Application Is Due 8/13/20
Practice owners with offices in New Hampshire (NH) should be aware that they only have until August 13th to complete the online application to tap New Hampshire's COVID-19 Emergency Healthcare System Relief Fund (CEHSRF). Info is available at:...
Fortune Management Shares How To Avoid The 2020 Hygiene Disaster
Don Khouri, Managing Director, Fortune Management Northeast Most dental practices proactively pre-appoint their hygiene patients for their next visit. For healthy patients, that means six months from now and for perio patients, 3 months from now. Let?s think about...
Deadline To Apply For The HHS PPE Subsidy Extended To 8/28
Good news for procrastinators. The deadline to apply for this subsidy has been pushed back until 8/28. We posted information about this subsidy at: https://schwartzaccountants.com/2020/07/7-24-deadline-to-apply-for-the-hhs-ppe-subsidy-equal-to-2-of-2019-collections/....
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...
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...
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...
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/#/....
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...
Buy Yourself 3 Months On July 15TH (For Some Tax Filings But Not All)
File Something on or Before 7/15 If you can't get your tax returns completed by July 15th, make sure to file for an automatic extension. Filing something on July 15th is the only way to avoid the Failure to File Penalty equal to five percent per month on any 2019...
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...
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...
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...
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...
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...
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...
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:...
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...
Looking for KN95 Masks?
One of our non-healthcare clients is Green Streets 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...
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...
New Tax-Free Employee Benefit To Pay Up To $5,250 Towards Your Staff’s Student Loans Expires On 12/31/20
The CARES Act included a provision allowing employers to repay up to $5,250 of their employee?s student loans as a tax-free benefit. That?s a great benefit for any staff member burdened with student loan debt. Practice owners benefit too since they can write off the...
How To Defer Your 2020 Social Security Match Into 2021 & 2022
Practice owners with staff, or self-employed individuals without 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. Practice owners are required to withhold Social Security taxes from...
Use IRS Form 7200 To Accelerate The Repayment Of Wages Paid By You Under FFCRA
According to the DOL at: https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave: The?Families First Coronavirus Response Act (FFCRA or Act)?requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for...
Does It Still Make Sense to Own the Real Estate for Your Practice Under the “New Normal”?
U.S. Unemployment jumped from a record low of close to 3% last fall to the current unforeseen historic highs.? Add to this that many white-collar workers are forcibly getting accustomed to working from home.? And think back to your Economics 101 class to the situation...
Let CARR Healthcare Realty Help You Out
Looking for a company to help you with lease negotiating or with the purchase of commercial space? How about a company where the fee for their services is actually paid by your landlord or by the person you purchase the real estate from, and isn?t paid you? We...
MA Dept of Unemployment – Link to Employer Guide
MA DUA has updated their site with information that answers many unemployment questions as it relates to employees refusing to come back to work and how unemployment is related to the PPP loan. Unemployment Insurance Benefits and Returning to Work: Guide for Employers...
Getting Stuck Paying FFCRA (Familes First Coronavirus Response Act) Benefits to Staff
Here is a question we got from one of our clients and the response provided by our firm?s payroll manager Greta Malstrom (payroll@schwartzaccountants.com): Q: Two of my staff members have contracted this virus while on furlough. I am trying to find out the legal...
Interesting Insight From One of the Major Dental Lenders
According to one of the local dental lenders: We are soon expecting an update from management and SBA about forgiveness, I shall keep you posted. You can apply as early as June 30th for forgiveness. That?s when the first phase customers 8 weeks end. Rumor is that date...
Cares Act Distributes $50 Billion to Medicare Fee-For-Service (FFS) Providers
As Part of the CARES Act Provider Relief Fund, $50 billion has been allocated to Medicare facilities and providers impacted by COVID-19.? The funds are being distributed directly to Medicare providers in order to help offset reduced revenue and additional healthcare...
Financial Incentives for Practice Owners to Retain Their Staff
The CARES Act passed last Friday included a few excellent incentives for small employers to retain their staff. The ?Paycheck Protection Program? SBA 7(a) loan: The loan is equal to 2.5 times your average monthly payroll costs from the 12 months prior to the loan...
Repost of ADA Article – CARES ACT Relief Bill
REPOST FROM ADA (American Dental Association): Senate passes CARES Act, 3rd COVID-19 relief bill Hello, Fellow Dentists: For the last few weeks, the American Dental Association has advocated on your behalf as federal lawmakers debate the best way to respond to the...
Practice Loans-Relief from Lenders
We reached out to our network of lenders to see what they plan to offer as relief to Practice owners. Here?s a sampling of what they said. - Official announcements will be coming directly from the lenders shortly. For any existing clients, our solutions range from...
SBA Disaster Assistance in Response to the Coronavirus
Last week, we posted information and a link to a Small Business Recovery Loan offered by MA Growth Capital Corporation at: https://schwartzaccountants.com/2020/03/practice-small-business-recovery-loan/. It turns out that program was woefully underfunded and stopped...
Unemployment FAQS
We recently posted information and links regarding some of the rules for practices that need to shut down temporarily and have their staff (and themselves) collect unemployment. The Mass Dental Society put out a great memo on Staffing Considerations in Connection with...
Mass Dental Society : What Employers Need to Know About Temporary Office Closures
For our dental practice clients: MA Dental Society has developed a section on their website to help you navigate COVID-19 and temporary office closures: https://www.massdental.org/Member-Resources/Practice-Management/Coronavirus They also featured the following...
Two New Refundable Payroll Tax Credits
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave IR-2020-57, March 20, 2020 WASHINGTON ? Today the U.S....
Practice Owners-Small Business Recovery Loan
There?s a small business recovery loan being offered to small businesses to help with cash flow during closures.? ?This is being offered by MA Growth Capital Corporation. https://www.empoweringsmallbusiness.org/what-we-offer/emergency-loan-funds/covid-19-loan-fund...
Payroll – What To Do For Employers
The COVID-19 pandemic is a fluid situation and we are trying our best to keep our clients informed as new information is released. GUIDES: Mass Dental Society - Temp Office Closing Guide How to file for Unemployment MA1 How to file for Unemployment MA2 ADVISE YOUR...