The Paychecks Protection Program guidelines have been released. https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
Regarding the loan forgiveness,
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
This loan has a maturity of 2 years and an interest rate of .5%.
If you wish to begin preparing your application, you can download a sample form to see the information that will be requested from you.
Application for the PPP begins on Friday, April 3. Your bank will have the details. If you go to the site, you can see a sample application.
Here’s the top 100 SBA lenders: https://www.sba.gov/article/2020/mar/02/100-most-active-sba-7a-lenders
The last patient email did very well. So I just made another one. https://conta.cc/2UBFvNL I know. The video is silly.
Danyel and I did a Zoom meeting with the residents at the University of Connecticut. Lots of questions and discussion. The realization? After every downturn, we reinvented ourselves and did better. This is the time to up your treatment planning skills. If you want to do an online treatment planning session, we can do it and invite the group to watch. Please let me know if you’re interested.
More programs directed for the periodontal practice are coming. I’ll let you know all the details.