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:

 

Donate PPE:

 

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.

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...

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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...

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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...

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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...

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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...

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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...

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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:...

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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...

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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...

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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...

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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:...

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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...

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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...

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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...

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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.?...

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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...

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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...

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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...

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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...

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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...

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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...

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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,...

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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:...

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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:...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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:...

read more

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,...

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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,...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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Massachusetts Announces COVID-19 Grants For Small Businesses

According to information available at MGCC:  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...

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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/....

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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...

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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...

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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...

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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...

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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...

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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...

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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...

read more

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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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....

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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...

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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...

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