NCMIC has announced that 99% of the 338 Paycheck Protection Program (PPP) loans it provided to chiropractors in the first round of lending have been forgiven — nearly double the national average.
“PPP loans are another way we were able to serve the chiropractic community in its time of need,” said Tony Dickinson, president, NCMIC Finance Corporation. “The fact that 99% of those loans were forgiven is huge. In many instances, it’s going to be the reason many DCs are able to move forward without debt after the pandemic.”
According to the U.S. Small Business Administration (SBA), of the 5.2 million PPP loans it awarded nationwide, the average rate of forgiveness was near 52% as of April 2021.
The Paycheck Protection Program (PPP), part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, was designed to provide relief for small businesses working to keep their doors open and their employees paid during the COVID-19 pandemic. With funds in high demand, reserves were quickly depleted, and many small business owners — including chiropractors — were unable to obtain the funding they needed.
NCMIC saw the opportunity to again take care of its own and stepped in to assist policyholders, non-policyholders, and the chiropractic industry overall with funding crucial to staying afloat during challenging times.
“Taking care of our own is exactly what we do and why we’re here,” said Wayne Wolfson, DC and president, NCMIC. “We’re grateful for the opportunity to have been able to be of assistance during trying times and we will continue to be here for the chiropractic profession in the future.”
The company received SBA approval in May 2020 and quickly funded 338 loans totaling more than $4.9 million in the first round of lending. An additional 362 loans totaling $6.1 million were awarded in the second round.
“I was just hoping to pay the rent and my expenses,” said Jacalyn Buettner, a DC living and practicing in San Francisco, Calif. “As it turned out, it helped me supplement my income so I didn’t have to borrow money, even for my living expenses. I kept my practice open and was able to live off all that income.”
Glen Robison, a DC in Charleston, S.C., said the $21,500 loan he received with NCMIC assistance allowed him to stay in business during COVID without going into debt.
“It was beyond comforting that NCMIC offered PPP loans,” Robison said. “(Without them) I would have survived, but it would have been at the expense of a tremendous amount of money or emotional stress and hardship.”
NCMIC was formed in 1946 by a group of doctors of chiropractic with the express purpose of offering malpractice insurance to DCs when no one else would. Delivering on its promise, “We Take Care of Our Own, ® ” NCMIC has grown to become the largest provider of chiropractic malpractice insurance in the nation and has expanded its offerings to include business and personal insurance, equipment loans, credit card processing, business credit cards, and premium financing. With more than 75 years of experience and an “A” (Excellent) rating from industry analyst A.M. Best , NCMIC is a company that DCs can rely on today and in the years to come.