My Dear Colleagues:. 

I know this might be too close behind my previous “practical tips” email, but I had to get this news to you right away. The following is great news esp for physicians like me who are in private practice and hate cutting back or laying off our loyal employees during this time of crisis. This may be time sensitive issue and I believe that we should call our banks and start this process as soon a possible.

President Trump has signed the $2 trillion stimulus package, meaning the more than $350 billion in loans and payroll tax credits included to help small businesses can start getting distributed. Here’s what the bill includes and how it could impact your business:

$ Unlike other SBA loans, owners do not have to put up collateral or personally guarantee the loans. They also are not required to search for a loan elsewhere before applying for the SBA loan.

$ Interest rates cannot exceed 4% and the maximum loan amount is $10 million.

$ Part of the loan can be forgiven. Costs related to payroll, including health care, mortgage or rent and utility payments incurred in the eight weeks after you receive the loan can be deducted from the loan amount and not repaid. However, if you reduce your headcount in that time, that will also decrease the amount of loan forgiveness. Adding headcount will increase the amount forgiven.

$ Independent contractors’ wages can be included as employee payroll costs in the loan, according to the Chamber of Commerce.

$ The bill includes a payroll tax holiday. Owners have until 2022 to pay 2020 payroll taxes, but will need to pay 50% by the end of 2021.

THE FOLLOWING LINK TAKES YOU TO THE SITE WHERE YOU CAN PRINT OUT THE FORMS, UPLOAD NECESSARY DOCUMENTS AND ADDRESS TO MAIL IT, Hope you find it useful.

https://www.sba.gov/disaster/apply-for-disaster-loan/index.html

The following summarizes the above: