• You already applied for HHS funds OR
• You have a new dental (healthcare) business that opened in the First Quarter 2020.

• If funds are not used in full by 12/31/20, recipients will have an additional 6 months to use the funds.

• Yes, as long as the expenses are “eligible expenses” attributable to COVID-19.

• Eligible expenses include general and administrative expenses and healthcare related expenses attributable to the Coronavirus. This includes supplies and equipment used to prevent, prepare for, or respond to COVID-19 during the reporting period – such as PPE, hand sanitizer, supplies for patient screening or updates to HVAC systems.

• Reporting systems will be open 1/15/21 and the first reporting deadline is 2/15/21. Final reporting will be due 7/31/21 for providers who did not fully expend PRF funds prior to 12/31/20. As of today, it is NOT clear how the reporting process will work.

• No, but you need to track the funds, such as having a folder to keep copies of invoices used for this purpose. Detail in QuickBooks will NOT be sufficient to support that the funds were used for eligible expense.

• In addition to using the funds on actual expenses you may use it to cover lost operating revenue in 2020 compared to 2019. 
• There is a catch – lost operating revenue, according to the HHS notice of reporting requirements, is defined as operating revenue less operating expenses which include salaries, benefits, medical supplies, interest and depreciation. 
• To keep the process simple, we are recommending clients focus on using the funds for eligible expenses as stated above, NOT focusing on the lost revenue.

• Yes, you may be eligible to apply for Phase 3 starting 10/5/20 through 11/6/20.

• It depends. Practices that didn’t previously apply may want to apply to cover the additional costs they have incurred. Practices that have recovered and are on track for 2020 profit to be equal to, or better than 2019, given PPP and HHS funding, should consider whether the funding is necessary. 
• The goal of the HHS program is not to have practices profit from the program, but rather to help cover costs and lost operating revenue. HHS has stated that the Phase 3 General Distributions funds will be distributed after considering a practice’s change in operating revenues and expenses as well as payments already received.

• If you are selling or reorganizing you practice within the next year then we recommend filing for forgiveness NOW!
• Banks may hold the amount of your PPP funds in escrow, at time of sale, until they have received notification from the SBA that it has forgiven your loan.
• Expect the forgiveness process to take a minimum of 5 (FIVE!) months. The bank has 60 days to file your application with the SBA and the SBA ten has 90 days to review.
• Last week, it was announced the SBA will begin reviewing applications this week but it already has over 96,000 applications that have been sent in waiting for review.