For those of you wanting to apply for this loan, we are supplying the links so that you can do so. This should be a business decision for your practice. Do you need the quick infusion of $10,000? Do you also want to apply for the SBA loan (the PPP loan available from the third bill just passed)? You can do both and we recommend all of our dentists apply for the PPP loan (from the third bill). The form has changed (as of last night). If you do not have a 10 (
ten!
) digit number from the SBA, you will need to apply again. Luckily, this application is much easier than the former. Please remember this is a first come, first served loan/grant. The funding will run out.
Business Loan Application (SBA Form 5): Click
here
.
Economic Injury Disaster Loan Supporting Information Form P‐019:
IRS Form 4506‐T Request for Transcript: Click
here
.
+
Completed and signed for each applicant business (business name, FEIN, tax
form type)
+
Completed and signed for each individual or entity which holds a 20%
or greater interest in the applicant business (individuals filing join
returns may use one single IRS Form 4506‐T with personal names,
SSNs, and tax form type 1040)
+
Completed and signed for each corporation or partnership in which the
applicant business holds a 50% or greater interest; each general
partner; and each affiliate business, if applicable
Personal Financial Statement (SBA Form 413D): Click
here
.
+
Step‐by‐step instructions for filing out a Form 413 can be found
here
.
Schedule of Liabilities (SBA Form 2202): Click
here
.
+
Instructions to complete the form can be found
here
.
+
These liabilities should match the debt (Notes, Mortgages, and
Accounts Payable) from your Balance Sheet on the practice financials.
INFORMATION NEEDED FOR THE LOAN APPLICATION (FAQs):
- What information do I need to complete this process?
a. You will not be able to save as you go, so assemble the information in advance.
b. Basic business information you will need include name of your practice (on your practice tax return), EIN (on your practice tax return), the business type – is Health Services and the detailed business activity is Dental.
c. Basic financial information – gross revenues for the 12 months period prior to 1/31/20. This will be Total Revenues on page 1 of your 12/31/19 statement of revenues and expenses on your financial statements (doctor + hygiene,
before
adjustments) OR Line 1a on your 2019 practice tax returns.
d. Basic ownership information (who owns the practice - you!).
2.
What is my organization type?
a. Form 1120S = S corporation,
b. Form 1120C = C corporation,
c. Form 1065 = Partnership.
d. If your tax returns aren’t any of these or you do not have a practice return
yet, please contact us.
3.
What is my trade name?
a. If you have a DBA (Doing Business As), use that.
b. Otherwise, use your business legal name.
4. What is my Cost of Goods Sold (CGS) for last year?
a. You do not have CGS so put $0.
5. What are my annual costs?
a. This only applies to nonprofits!
We are hearing this new form takes 15 to 45 minutes to complete.
Stay tuned for our next eblast on unemployment for you and your staff. We had hoped to get it out before this one. However, we are currently trying to get the latest state information so we can let you know the ins and outs of filing. This is taking extra time because of various state unemployment websites crashing. We will send it as soon as we can.
Another eblast we will be sending today will help you put together an action plan for the PPP loan and the information you will need to gather for the loan (this loan is NOT available yet).
COLEMAN, UREDA, ALFORD & KAUCHER, PA
