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 40 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)

Nate Williams COVID-19 Updates 8 Comments

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)

How to Apply for the SBA Economic Injury Disaster Loan (EIDL) – REVISED!

Nate Williams COVID-19 Updates 50 Comments

As recommended in a previous communication, we recommend applying for the EIDL loan; the first $10,000.00 will be a “grant” (free money) from the government if used for the following:

  • Providing paid sick leave (not applicable if your office is closed)
  • Maintaining payroll (not applicable if office is closed)
  • Making rent or mortgage payments (yes, applicable if you pay rent or if you have a loan on your building, a practice purchase or equipment loan)
  • Repaying obligations that cannot be met due to revenue loss (other bills)

To clarify, we recommend borrowing $10,000.00 on this loan; this is free money. Any additional amount you borrow is a formal loan that you will have to pay back; we only recommend you borrow more money if you actually need it.Read More

Nate WilliamsHow to Apply for the SBA Economic Injury Disaster Loan (EIDL) – REVISED!

PFG’s Employment Guide During COVID-19 Crisis (Revised 4/1/2020)

Nate Williams COVID-19 Updates 3 Comments

New Guidance on Employees – updated March 27, 2020

We are not employment law or HR experts. We have never claimed to be. But if you wake up and see your neighbor’s house burning down, do you sit back and watch because you’re “not a fireman?” (maybe it depends on which neighbor ?)

This post is not intended to be a comprehensive FAQ on all employee-related issues. A few sources we have been turning to for clarifying advice, which we recommend to you, are:

Additionally, we have been reading the text of the actual bills that have been passed recently, searching for relevant guidance related to your practice.Read More

Nate WilliamsPFG’s Employment Guide During COVID-19 Crisis (Revised 4/1/2020)

Cash Emergency Plan 2.0

Nate Williams COVID-19 Updates, General 1 Comment

With each passing day we learn more info about this “New COVID-19 World Order” that we live in. Our hope is to be as helpful to you as we can during this time. Here are some additional thoughts to share that we hope will be helpful:

What should I do?

Financial principles don’t change; the application of those principles – the strategy you should employ – will depend upon your circumstances. Some of our clients continue to operate their practices and don’t plan – at least for now – to shut down. If you’re open for business as usual, keep going as long as you can. Even in these circumstances, we recommend caution against the day when you do get shut down.

But if your office is shut down, you’re in a completely different camp and you should employ an emergency cash strategy. The rest of this email is directed toward those whose offices are shut down, or who will eventually need to shut down.Read More

Nate WilliamsCash Emergency Plan 2.0

Coronavirus and Cash Preservation

Nate Williams COVID-19 Updates, General 1 Comment

Last week we sent out some guidance regarding your investments during a panic/crisis like the one we’re currently experiencing. During this crisis, many people will panic and sell at low values. During this crisis there will be very little real, long-term wealth lost; but there will be massive amounts of wealth transferred. This wealth will transfer from weak to strong hands and from scared to brave hands.

But this note is not about investments, it’s about surviving in your practice during a time where business may stop. We are getting a lot of questions about cash flow and what to do with employee pay. Let me try to address those generally. To get specific answers, please contact your PFG advisor directly.

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Nate WilliamsCoronavirus and Cash Preservation

PFG’s Investment Guide to the Coronavirus

Nate Williams COVID-19 Updates, General 2 Comments


Dimensional Fund Advisors (DFA), who manages most of our clients’ money (including our own), recently released this article relating to COVID-19. I recommend you read it: The Corona Virus and Market Declines

For years I have been advising clients to do the following with regard to their investments:

  1. Focus on investing as much as you can.
  2. Pray that the markets go down – another 2008 would be best.

When it comes to #2, I get weird looks and snickers implying that I’m joking. I’m not. Unless you’re going to market to sell, market declines are the best indicator of future returns, and they are your friend. This isn’t my opinion or some contrarian perspective. It’s math.

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Nate WilliamsPFG’s Investment Guide to the Coronavirus

Donald Trump Should Have Invested in Index Funds

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Since the inception of Practice Financial Group nine years ago, the overarching financial and personal philosophies for our dental and medical clients have not waivered:

  1. Become clinically exceptional at what you do. The more you love it, the better you’ll be.
  2. Learn to make money from your clinical skills with a servant’s mentality: having the focus of giving more value to your patients than you take from them.
  3. Do this in one location and become as profitable as you can.
  4. Maintain a balance of work and life; take care of yourself physically, emotionally, spiritually, etc.
  5. Employ the “one house, one spouse” rule, particularly the one spouse part. Divorce is the highest tax bracket. Nurture your marriage, make it great.
  6. With the help of a trusted advisor, develop a tax-efficient system to pay off debt and invest your money using low-cost, passive mutual funds.

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Nate WilliamsDonald Trump Should Have Invested in Index Funds