A free Financial Health Professionals Small Business Guide has been made available for download, offering financial advice for chiropractors and small businesses in the wake of the coronavirus pandemic.
Following the declaration of a national emergency to combat the Coronavirus (COVID-19) pandemic, the Small Business Administration (SBA) launched the Economic Injury Disaster Loan Assistance (EIDL) program for small business owners, and the guide provides a roadmap for financial assistance.
The guide addresses:
- The stimulus bill — EIDL & PPP loans (CARES loan)
- Personal stimulus checks calculator
- Tax efficiency strategies
- Student loans changes
- Personal financial help
- Complimentary phone call link & contact info
The CARES Act includes a Paycheck Protection Program (PPP) which authorizes up to $349 billion of federally-guaranteed loans to qualifying small businesses. This new loan program is based on the architecture of the SBA’s existing 7(a) loan program and will make forgivable loans of up to $10 million available to qualifying small businesses.
Please note that businesses cannot get both EIDL and PPP loans at the same time. You can apply for the EIDL loan now and the PPP loan when it becomes available. If you qualify and accept the EIDL loan, and you subsequently qualify for the PPP loan, you can re-finance the EIDL loan with the PPP loan — or you can apply for both loans and decide which one you take if you qualify for both.
“You should file ASAP if you can,” says Kristin Bodnar, financial associate for Thrivent Financial. “The IRS has not said when they will start processing the checks, but it is likely to be soon. Filing a 2019 return is especially important for people who need to update their direct deposit information or for people who would not qualify for a check based on their 2018 tax return but would qualify based on their 2019 information.”
To download the free guide go to chiroeco.com/wp-content/uploads/2020/04/Health-Professionals-Financial-Guide-to-Business-Survival.pdf.
For the latest COVID-19 info for doctors of chiropractic, including upcoming webinars, updates, resources and articles from Chiropractic Economics, go to chiroeco.com/coronavirus-covid-19.