Skip to main content

Options for ensuring the financial health of your practice

Given this uncharted territory, Thomas Doll, a CPA firm committed to meeting the financial needs of dental professionals, offers the following recommendations to dentists:

  • Each dentist should have a line of credit. A line of credit (LOC) is designated by one’s banker to be used in difficult financial times. Now is the time to make sure your LOC is in place. Many banks are working to streamline processes for establishing or accessing LOCs. Bank of America, CDA’s endorsed vendor for practice transitions and equipment loans, is offering deferments on credit card payments, loan payments and reduced monthly fees on a case-by-case basis.
  • Dentists should contact their lenders about available hardship programs.
  • Some lenders may defer business loan payments for some months.
  • Both the state and federal deadlines to submit 2019 taxes have officially been moved to July 15, 2020. The Treasury Department and the Internal Revenue Service are providing special payment and filing relief to individuals and businesses in response to the COVID-19. The IRS urges taxpayers who are owed a refund to file as quickly as possible.
  • The US Small Business Administration (SBA) will work with state governors to provide targeted, low-interest loans to small businesses that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Visit the SBA’s website for more info: gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Related Posts