The IRS is giving a 90-day grace period for all individuals and businesses (that owe less than $1 Million in taxes) to pay their taxes. Deadline is to file by April 15th, but you won’t have to pay for at least 90 days with no interest or penalties.
**Economic Injury Disaster Loan Program (EIDLP)- New loan offering from the SBA based on loss of revenue. This is a loan from the government, if approved.
Purpose: Maintain working capital during time affected by disaster
What it is not: Not a grant to replace lost sales
Amounts: up to $2 Million @ up to 3.75% interest rate, and a possible maximum of 30 year term. Repayment term determined by your ability to repay loan. No upfront fees or early payment penalties.
Eligibility: Only when SBA determines they are unable to obtain credit elsewhere.
Qualifications: based on the government’s assessment of credit worthiness and ability to repay.
States currently available in:
9 states have been approved for participation in the COVID-19 Disaster Loans (most are in process for approval, but just haven’t gotten the approval yet. Current states approved as of March 19 are: New Mexico, California, Washington, Maine, Connecticut, Nevada, District of Columbia, Rhode Island & Utah.
How to apply: https://disasterloan.sba.gov/ela/Information/EIDLLoans .
Approval timeframe: unclear
Funding timeframe: 14-21 days
Are patients canceling or not coming in because of being afraid of the coronavirus? Or have you closed your practice down already? This is where my clients who have online-based wellness businesses or have another stream of income coming in beyond seeing patients 1-on-1 are so grateful to have set things up to help people that way.
Have you been wanting to do something like that, but haven’t pulled the trigger? Sometimes it’s times like these that propel us forward in actually doing something about those desires.
Book a chat to see how we can help
If you missed it, catch the replay of “How to Coronavirus-Proof Your Practice + Monetize Your Expertise During These Uncertain Times” (even if you have to close down)
Chen Yen, 6 & 7-Figure Practice Makeover Mentor
Want to be busier in your practice and tired of being at a plateau?
Or, want to bring in another stream of income beyond seeing patients 1-on-1?
There’s a reason why people like the recent President of American Association for Naturopathic Physicians (AANP), Board Member of American Society of Acupuncturists (ASA), former Board Member of American Academy of Acupuncture and Oriental Medicine (AAAOM), and Past President of the American Chiropractic Association (ACA)-Sports Council work with us. The most passionate visionary and spiritual practitioners come to us to fast track their growth.
If you are ready to fast track your practice growth (even during these times) and have a practice you’re proud of….