(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 insurance claims.
(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.
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 your workforce without penalty.
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 loans, so those that apply first will be more likely to get their full requested amount.
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.
Why Should I Hire Lubell Rosen To File My Application For Financial Relief Instead Of Doing It Myself, Or Using A Bank Rep Or A CPA For Assistance?
When a doctor hires Lubell Rosen, it is our job to maximize your recovery. In other words, we will use our expertise to figure out how you can get the most money borrowed and more importantly, the most forgiven. While we make no guarantees, in most cases we anticipate that we will easily get more for you than the bank would get and the difference will exceed the amount we are charging.
I Heard New Regulations Keep Coming Out On The Paycheck Protection Program, Is That True, And How Do They Change What Percentage Of My Loan Will Be Forgiven?
The effective date of the PPP was supposed to be April 1, 2020, now it is April 3, 2020, and new regulations come out, sometimes, several times a day. At Lubell Rosen we are on top of these changes, constantly figuring out how they can best benefit our clients.