Legislative Action Center, March 22, 2020
The Grassroots Action Alert is focused on those provisions that are of particular importance to dental practices as small businesses. It is our expectation that many other provisions of benefit will be in the final bill, but we want to make sure that these critical provisions are in the version that is signed into law. You should know that Members of Congress in the House and Senate — Republicans and Democrats alike — understand that this bill is critical for small businesses, particularly dentists and dental practices. They know this because Congress has received over 200,000 emails from over 72,000 dentists. By Washington standards, these are extraordinary numbers! We need to repeat this achievement once more. Please click on the link and let your Members of Congress know how important these provisions are for your dental practice and other small businesses across the country. CLICK HERE
Washington -- The U.S. Small Business Administration is working directly with state governors to provide low-interest loans to small businesses severely impacted by the coronavirus crisis. As of March 19, 30 states were eligible for SBA’s Economic Injury Disaster Loans, with more expected to be announced in the coming days. According to the agency’s website, the program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loans are only available to small businesses located in declared disaster areas. For dental practice owners whose governor has issued an emergency declaration in response to the coronavirus, the practice may be eligible to apply for a loan. The loans can be used to pay fixed debts, payroll, accounts payable and other bills due to of the disaster.To see if your state or county is eligible for COVID-19 loans, visit the Current Declared Disaster page. Presently Congress is considering adding provisions to future legislation that would ease the process for small businesses to apply for these loans.
If eligible to apply, visit DisasterLoan.SBA.gov. For additional information, contact the SBA disaster assistance customer service center at 1-800-659-2955 or by email at firstname.lastname@example.org. The SBA website also has additional coronavirus small business guidance and loan resources that can be found here.
Experts from VCU School of Dentistry participated in a Q/A video conference facilitated by the Virginia Dental Association related to COVID-19. It contains some very helpful points of information for the dental community. https://youtu.be/TCJ4QCNkVeQ
Emergency Procedures — Dentists
A guide to which procedures are considered emergencies and non-emergencies. https://bit.ly/2UpaMlH
Letter to Patients
This template is designed to help you communicate changes to your practice due to the COVID-19 outbreak. https://bit.ly/2J1rqCG
COVID-19 Coding and Billing Guidance
You may see some patients via teledentistry during the COVID-19 outbreak. This quick guide outlines different billing codes your practice may need to use. https://bit.ly/2wtIdeN
At this writing, over 65,000 dentists have emailed their members of Congress to let them know what provisions need to be included in the 3rd legislative package being developed to fight the coronavirus. The ADA is proud to share that more than 180,000 emails have been sent to Capitol Hill in just the last 24 hours. The Senate is taking the lead in developing this package called the “Coronavirus Aid, Relief, and Economic Security Act’’ or the ‘‘CARES Act.’’ So far, the draft legislation includes some of the recommendations that we asked for in our letter—and your emails—to Congressional offices.
As this draft bill takes shape, the provisions of interest to dentists and dental practices include:
Finally, you should be aware that the Administration acknowledged dentists around the country at a news conference for being proactive and restricting services to help fight the spread of the virus, but still remaining available to perform emergency procedures in their offices so that individuals in need do not have to go to a hospital. Thank you for everything you do for dentistry!
Thursday evening, Senate Republicans released the Coronavirus Aid, Relief and Economic Security (CARES) Act. This bill is intended to be a third round of federal government support in the wake of the coronavirus public health crisis and associated economic fallout, following the $8.3 billion in public health support passed two weeks ago and the Families First Coronavirus Response Act.
The CARES Act builds on the two former pieces of legislation by providing more robust support to both individuals and businesses, including changes to tax policy. The bill includes:
We estimate the rebate will decrease federal revenue by about $248 billion in 2020, according to the Tax Foundation General Equilibrium Model. This credit is one-time, but policymakers may consider additional rebates if the downturn is prolonged.
We estimate that the rebates would increase taxpayer after-tax income by about 2.05 percent, ranging from 7.11 percent at the lowest quintile and falling to 1.82 percent for the 80th to 90th percentiles. The rebate is structured progressively but does not include non-filers who tend to have lower income. The rebate would also use 2018 tax returns to determine rebate eligibility, which may not accurately reflect individual incomes in 2020.
Table 1. Conventional Distributional Effect of Proposed Recovery Rebates in the CARES ActIncome levelPercent Change in After-Tax Income0% to 20%7.11%
20% to 40%4.31%
40% to 60%4.03%
60% to 80%2.90%
80% to 90%1.82%
90% to 95%0.65%
95% to 99%0.02%
99% to 100%0.00%
(SOURCE) READ MORE HERE: https://taxfoundation.org/cares-act-senate-coronavirus-bill-economic-relief-plan/
Dr. Jim Schroeder is the Founder of Leadership by Design. He has been writing about leadership and organizational growth for over 30 years.
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