(Part 2 of 4) The government to re-fund the PPP loan program
Another practice area of the firm that can help make you money at no expense to you is our health insurance recovery team, led by Sinead B. Killeen, Esq. This group will help you make the most of your accounts receivable to recoup the maximum amount possible from your underpaid and denied health ins...
(Part 1 of 4) The government to re-fund the PPP loan program
If your practice sees patients that were involved in an automobile accident, you may have unpaid or underpaid medical bills. Ryan Sanders, Esq. heads our PIP recovery team. PIP Insurance is supposed to pay 80% of all medical bills, but more often then not, fails to do so.
If I am an independent contractor, or sole proprietor, how much can I qualify to borrow under the PPP?
An independent contractor, or sole-proprietor, can qualify for 2.5 times their monthly net income as reported on their 2019 taxes. This requires that you at least have a copy of your 2019 taxes, even if you have not submitted them yet.
Medicare Accelerated and Advanced Payment Program offers financial relief
The Centers for Medicare and Medicaid Services (“CMS”) is working with participating provides and suppliers to ensure they have the funds necessary to continue operating without disruption. During the current public health emergency caused by the COVID-19 pandemic, the Medicare Accelerated and Advan...
I hear the application form at some banks is two pages, other banks take fifteen minutes to apply, is this true?
No, people mistake the one, or two-page, form they fill out through Suntrust, BB&T, and others, as the full application. What you are really doing is reserving a spot in line for the funding, but you are not applying for the funding yet.
Can I furlough, fire, or cut time, for employees while waiting for my PPP Loan to come through?
Yes. In June of 2020 you have to have as many employees as you did in June of 2019, to get full forgiveness. However, that only applies to having that many employees in June of 2020. If you are not able to sustain that number of employees now there are things you can do until June 2020, to reduce yo...
Medical Practice Vulnerabilities during COVID-19: Cybercrime
In the mist of the COVID-19 pandemic, medical practices are overwhelmed with the number of patients seeking testing and office visits related to COVID-19. Interpol has released a “purple notice” to its 194 member countries warning them of the heightened ransomware threat during the pandemic.
Is the funding for the PPP running out? Is it too late for me to apply? And which bank is best for me to apply?
It is not too late to apply. However we do recommend applying as soon as possible before funds run out. Just yesterday the government announced additional funding, so it seems likely they will continue to add money to cover loans. But most experts agree it will impossible to cover all requested loan...
My bank says I do not qualify for a PPP Loan or that they are not issuing them, and other banks will not talk to me because I do not have an account with them. What should I do?
Be patient, the program rolled out last Friday. It was deeply flawed and did not have anti-money-laundering guidance for banks to deal with borrowers who are not already clients of the bank. Hence, the banks do not know, at this point, what will be required to loan money to non-customers.
I hear the rollout of the Payroll Protection Program was rocky, and last-minute changes made the rules different. What are the biggest changes?
The night before the rollout of the Payroll Protection Program, the Treasury Department changed the rules, putting banks front and center as the main bodies through which loans are processed. However the Fed gave the banks few rules about how to be an SBA PPP Lender.