Owning a Dental Practice in the Time Of Covid-19Submitted by Mission Financial Planning on April 10th, 2020
The last few weeks have seemed like months as many of our clients’ dental practices closed or moved to emergency-only schedules due to Covid-19. Heart-wrenching decisions about staff have kept practice-owners awake, and learning about all the new and changing information about loans, advances, tax credits, unemployment and family-leave rules have felt like new full-time jobs for many. This week brought some resolution to many questions and a little bit of clarity on the way forward.
Most of our clients who own dental practice have applied for EIDL and PPP loans*. Many have helped staff file for unemployment while furloughed, and some have filed for themselves. A few have the luxury of being able to extend payroll, keeping staff paid, if not busy, for at least a while.
The last few weeks have seemed like months as many of our clients’ dental practices closed or moved to emergency-only schedules due to Covid-19.
The uncertainty of this situation can be wearing. Uncertainty about qualifying for loans, timing of funding, whether you qualify for various state programs, and in the case of the PPP loan, submitting applications before you’re certain of its terms. The uncertainty of how long this whole situation will last, its financial implications, whether it will affect our health or that of someone we know, and what the New Normal will look like when it’s over.
In the midst of all this uncertainty and stress, I’m seeing new and creative ways of scheduling staff and helping patients with emergencies. I’ve seen the generosity of practices who can’t work donating masks to people who can. I’ve seen the occasional bright spirit who can somehow transcend the stress of the moment and appreciate the beauty of a great day outside. I’m seeing families who have kids and telecommuting family members enjoying quarantine together. And across the board, I see people who care deeply about their practices, their co-workers, their families, and their patients, who can’t wait to get back to work.
I, too, hope and pray we get through this quickly. And, I encourage you to remember that one of these days, you will be back at work; back to wishing you had a little time off to get outside, spend more time with your family, or focused time to work on the practice. Imagine that moment a few months from now … what will you wish you’d done with your time?
*If you want to discuss EIDL, PPP, unemployment, the management of financial stress, or financial planning during a crisis, please give us a call.