If you missed out on the original allocation of the Small Business Administration’s Paycheck Protection Program, you will get another chance as new legislation, that has already passed both the Senate and House, greatly expands its funding (from $349B to $659B). This new legislation is expected to be signed by the President shortly.
To learn more about this program, go to the Small Business Administration website here. (Do note, until the legislation is officially signed by the President, the website may not be updated to accept new requests.) Be aware though, you need to act quickly, as the first round of funding ($349B) was completely subscribed a few days after it was signed into law.
This is a wonderful way to get your practice through the present COVID-19 crisis. The best part of this program is that the federal government will cover the salaries and wages of your practice for two months, and you do not have to pay this money back.
There is a certain amount of data gathering involved so, you should start now. Also, contact your bank immediately, since if they are not a qualified SBA lender, you will need to find one. The quicker you apply, the better your chance of receiving this forgivable loan.
Because you are dealing with the government, however, there are specific rules regarding the forms you must fill out, and the thoroughness of the data to back up your request. Be sure you follow the regulations carefully and double-check your work to make sure it is correct. If you do not supply the correct information the first time, you will need to resubmit, and then you will go to the back of the line.