PFG’s Employment Guide For Returning to Work

Nate Williams COVID-19 Updates, General 1 Comment

A month ago, we published our blog post “PFG’s Employment Guide During COVID-19 Crisis.” At the time, offices across the country were shutting down. Now, after a month in hibernation, dental practices are slowly beginning to reopen, bringing a whole new set of questions and concerns.

First, let me disclaim the obvious: we are not HR specialists. On our team, we have eight CPAs but not one CPA-level organizational behavior person. Fortunately, there are many smarter than me in this area who are sharing a lot of good information and ideas on the topic of human resources.Read More

Nate WilliamsPFG’s Employment Guide For Returning to Work

You’ve Received the PPP Funds – Now What?

Nate Williams COVID-19 Updates 2 Comments

Many of our clients around the country have received (or will soon receive) funds from the PPP loan. The next obvious question to arise is this: now what?

At the time of this writing (10:13 AM PST, April 23, 2020), the SBA has not given all the guidance that will come regarding forgiveness of the loan. There is still a lot that we don’t know about the forgiveness process and calculation. Here is what we do know:

  • The Federal Government is a very blunt instrument (think: root canal with a baseball bat); many people will try to defraud of this program; other intended beneficiaries will miss out. As such, the government will be making many changes over the coming weeks in an effort to better direct the use of funds toward their intended purpose. Some of these changes may benefit you, others may not.
  • After the 8-week period is up (or sometime thereabouts), the bank who gave you the PPP loan will have a process for you to apply for forgiveness.
  • The banks want as much of these loans forgiven as possible – they do not want a 1% loan on their books.

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Nate WilliamsYou’ve Received the PPP Funds – Now What?

Additional PPP Funds Pass Senate – Apply Now

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Yesterday (April 21), the Senate passed additional funding for the PPP loan program. Here is a summary of what was passed:

  • $484 billion – size of total relief package
  • $310 billion – allocated to PPP
    • $250 billion – available to all banks
    • $60 billion – reserved for “smaller lenders”

The House of Representatives needs to approve this funding and is set to vote on Thursday (4/23); if passed, the President is expected to sign this into law shortly thereafter. We expect that the SBA system will reopen the funding of the PPP loans this week—possibly as early as Thursday! If you have not yet applied for the PPP loan, and want to do so, we recommend that you apply today.Read More

Nate WilliamsAdditional PPP Funds Pass Senate – Apply Now

Webinar Recording: PPP Loan Updates and Q&A 4.7.20

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In this webinar, Nate discusses updates on the PPP Loans and answers commonly asked questions, including those mentioned below.

You can access the full recording of the webinar here:

Webinar Recording – PPP Loan Update and Q&A with Nate Williams – 4.7.2020

Q&A Slide Deck – COVID-19 Webinar (4.7.20)

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Nate WilliamsWebinar Recording: PPP Loan Updates and Q&A 4.7.20

How to Apply for the PPP Loan

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Applying for the PPP Loan

Unlike the EIDL loan which had one lender (the SBA itself), each bank will have its own process for applying for the PPP Loan. We do believe, however, that applications will be similar enough that this information will be helpful in your effort to apply.

The first step is to calculate 2.5 times your average monthly payroll expenses. For PFG clients, we have calculated this number for you and have emailed this number directly to you. Applications also ask for the amount received under the EIDL loan. If you have not received any money from that program as of the time you apply for the PPP loan, put zero for this question. If you have received funds for the EIDL loan, input that number.Read More

Nate WilliamsHow to Apply for the PPP Loan

Upcoming PFG Webinars (4/7/2020 and 4/10/2020 @ 1pm PST)

Nate Williams COVID-19 Updates 2 Comments

The financial landscape for doctors has changed daily (literally) in the past month; this change has accelerated since President Trump signed the CARES Act on March 27, 2020. In the upcoming webinars listed below, I will discuss the newest information we have and what you should be doing.

April 7, 2020 @ 1pm PST

April 10, 2020 @ 1pm PST

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Nate WilliamsUpcoming PFG Webinars (4/7/2020 and 4/10/2020 @ 1pm PST)

Webinar: PPP Loan Q&A with Nate Williams

Nate Williams COVID-19 Updates, General 1 Comment

In this webinar, Nate discusses the PPP Loans and gives guidance regarding the timing and strategy of utilizing this benefit.

See the full webinar by following the link below (the content of the presentation starts at about 3 minutes and 30 seconds into the video):

Webinar Recording – PPP Loan Update and Q&A

Slide Deck – PPP Loan Updates

Nate WilliamsWebinar: PPP Loan Q&A with Nate Williams

PPP Loan, the Rules and Strategy, Top to Bottom (Revised 4/8/20)

Nate Williams COVID-19 Updates 49 Comments

Paycheck Protection Program (PPP) Loan

Updates (4/8/20):

Right now, the big question for small business owners is: “When should I apply for the PPP Loan?” For updates on our recommendations surrounding the timing of the PPP loan, see our blog post here: When to Apply for the PPP Loan

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Nate WilliamsPPP Loan, the Rules and Strategy, Top to Bottom (Revised 4/8/20)

CARES Act and the EIDL Loan Program (Revised 4/14/2020)

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Emergency EIDL Grants (Section 1110)

The rumors are true. Through an SBA loan, you can be granted up to $10,000.00 if the money is used for staff costs, rent, business debt payments, or other business expenses that you can’t pay because of revenue loss. We give detailed instructions on how to apply for this loan here: https://practicefinancialgroup.com/apply-sba-economic-injury-disaster-loan-eidl/Read More

Nate WilliamsCARES Act and the EIDL Loan Program (Revised 4/14/2020)