6 Tips for Filing an SBA Small-Business Relief Loan
Editorial Staff
| DIGITAL EXCLUSIVE
Filing for the SBA Paycheck Protection Program loan can be daunting. The loan provides funding for 2.5 months of payroll, plus rent / mortgage and utilities, with eight weeks potentially forgivable. The SBA's assistance can help your practice / business stay financially healthy during a time when many are seeing a decrease in patient visits or may even have to close due to state regulations. If you are planning on applying, here are some guidelines:
1. Do the Math Carefully: Click here to download a worksheet you can use to estimate the potential loan and forgiveness amount. Work with your accountant / financial adviser to ensure the estimates are correct and in line with SBA regulations.
2. Know the Regulations: Loan forgiveness is designed to encourage businesses to maintain staff and is based on sustaining their hours under several scenarios. Understand the restrictions and apply them accordingly.
3. Get Your Support Documentation in Order: You will need to provide your 2019 940 and 941 forms, your 2019 payroll register and other documents along with your SBA Paycheck Protection Program loan application.
4. Do it Right the First Time: Triple check all entries on your forms and the information on the supportive documents. If something is missing or incorrect, it could cause your application to be stalled until it can be reviewed in detail.
5. Work with Your Bank / Accountant / Financial Advisor: Most banks already offer SBA loans. If yours does, it can assist you through the process. Your accountant / financial advisor should also be able to assist you through the application process. (If your bank does not offer SBA loans, click here for a list of some of the participating banks that do not require you to be an existing client.)
6. Have Patience: Most banks and the SBA are overwhelmed right now with loan requests. Expect delays and hope for the best.
As modern medical standardization continues, the field of traditional Chinese medicine has the advantage of comprehensive personalization. For rare or complex cases, deeper consideration of constitution is invaluable. Proper constitutional assessment, especially with first-time clients, can guide desirable and predictable outcomes. This leads to a higher rate of return, and greater trust between you and your patient.
Though the creation of a financially sustainable, health-promoting model feels far away today, we are casting a vision for a full return on health, believing that this compels us to keep one foot firmly rooted in caring for the sick and the other foot firmly founded in maintaining health. Shifting from a fee-for-service model to value-based care using a phased approach is paramount.
Traditional Chinese medicine and the Vedic traditions both offer rich frameworks for understanding human health, emphasizing the balance of physical, mental, and spiritual aspects. The concept of "souls" or spiritual components in TCM, namely Hun, Po, Shen, Yi, and Zhi, bears significant similarities to the yogic concept of koshas. Their similarities and differences provide insights into how these systems contribute to holistic health practices.
