In this webinar, Nate discusses updates on the PPP Loans and answers questions.
You can access the full recording of the webinar here:
Webinar Recording – COVID-19 Financial Update for Doctors Webinar 4.10.2020
PFG’s Plan for Cash Preservation
- Effective immediately, we’re canceling all scheduled consults in April, May, and June
- In their place, starting in May, we’re going to hold monthly cash flow calls with each client to make sure there is a plan for cash preservation now, and a cash plan to reopen the practice
*If you’re faced with a large, looming decision, we can have this call earlier.
When should I apply for the PPP Loan?
- This is a risk tolerance question – each individual must make this individually.
- Apply Now: It’s possible that nothing is forgiven and you miss out on the “free money,” but you have a higher probability of getting the loan at all.
- Waiting to Apply: You run the risk that the funding will run out, but you have a higher probability of loan forgiveness.
- If you decide not to apply now, you must be okay with not getting any money at all.
Recap of PFG Guidance:
- Don’t panic and sell your investments. The first effect of the coronavirus was a rapid drop in stock prices. Our recommendation then, and still now, is not to panic but to keep the course!
- Take care of your employees. While the circumstances and laws surrounding employees have changed in recent weeks, the principle stays the same: do your very best to ensure that your employees are taken care of.
- Emergency cash plan. Remember, the ultimate goal is that your practice has the cash to make it through the coronavirus pandemic, however long this may be. Our initial recommendations to you were to apply for lines of credit. Since then, we have recommended the EIDL and PPP programs. The motivation behind all of these moves is to preserve cash.