If you are still waiting on or seeking funds in the PPP or EIDL Disaster programs for Chiropractors (and other small business owners too), the last week or so has seen a lot of activity — and there’s hope on the horizon!
First, as we reported earlier, some COVID-19 programs ran out of money. Specifically, the PPP loan program was out of funds – which is one reason why I recommended that chiropractors look into alternative options such as the Employee Retention Tax Credit.
Secondly, many are still waiting and hoping funds for PPP & EIDL Disaster Programs for Chiropractors are coming through — regardless of whether they were waiting on the PPP loans or EID loans or even the $10,000 Advance (Grant) that is available. For more info on those programs, see our 3 part series on COVID-19 Disaster Relief Loans & Grants for Chiropractors.
BUT WAIT — THERE’S MORE…
At the risk of sounding like a late night infomercial, but, wait, there’s more…more funds for PPP & EIDL Disaster Programs for Chiropractors are coming, that is!
This week, the Senate and House passed an additional $310 billion for the Paycheck Protection Program (PPP) and $60 billion for the Economic Injury and Disaster Loan (EIDL) Program.
And it is expected that President Trump will approve and sign on these additional funds on April 24.
Some experts are predicting that this may be the last round of additional funding for these programs, as it is not without controversy and opposition.
WHAT YOU NEED TO KNOW ABOUT APPLYING FOR ROUND 2 FUNDING
If you are thinking of applying for the funding in “Round 2” (presuming it is approved), here are a few things you need to keep in mind:
- Most banks only want to handle these loans for their existing customers — these loans are not money-makers for the lending institutions whose business is to make money! So, restrictions are definitely in effect.
- The SBA’s loan processing system (E-tran) is slow, prone to crash or go down at random times and may require multiple efforts. It’s obviously an overloaded system that responds slowly at best.
- All banks are backlogged by thousands of applications. Every news report I have seen has banks quoting how far they are behind in processing these loans. Expect delays — even if the language on the applications say you’ll receive funding fairly quickly.
Additional Helpful Resources for Chiropractors During COVID-19
For chiropractors looking to sell or buy or chiropractic practice during COVID-19, there are some additional opportunities that you may want to consider — and it’s not all bad news! Check out our new video especially focused on how to handle buying or selling your chiropractic practice amidst coronavirus concerns.
For SELLERS –> If you are uncertain how COVID-19 would impact your practice sale and what to do next, check out our FREE video resource on How to Prepare Your Practice to Sell or Transition During Crazy Times!
For BUYERS –> If you are not sure if this is the right time to buy a practice due to COVID-19 concerns, check out our FREE video resources for you – Should You Be Buying a Chiropractic Practice in Crazy Times?