There have been a significant number of programs initiated, at both the federal and state levels, to assist small businesses combat the financial distress created by the COVID-19 pandemic. These programs are meant to assist small businesses maintain their workforce, infuse working capital and, in general, help keep businesses viable. If you are reading this article, you likely are/were eligible to participate in most, if not all, of them. The programs include grants, advances, loans, payroll tax credits, payroll tax deferrals, and expanded employee benefit coverage. This article is limited in capacity of details on all programs, but what follows is a summary of those most utilized and with it, our hope you have taken advantage of them:
- Paycheck Protection Program (PPP)
- Economic Industry Disaster Loan (EIDL)
- We’re All In Grant (Wisconsin Economic Development Corporation (WEDC))
- Provider Relief Fund (Department of Health and Human Services (HHS))
- Dental Practice Advance Payment Support Program (Delta Dental)
- Families First Coronavirus Response Act (CARES Act)
- Employee Retention Credit (CARES Act)
- Payroll Tax Deferral Program (CARES Act)
As practices have emerged from the Shelter at Home provisions, we are seeing robust activity across all specialties of the dental community and these programs were essential in allowing that to occur. While we are hopeful this trend continues, there is still risk that other restrictions will be put in place, thus negatively impacting this recovery. If not already done, we highly recommend you consider participating in any and all programs still available to your practice.
Give us a call to discuss opportunities that are available to your practice.