VIEWpoint Issue 1 | 2020
VIEWpoint Issue 3 | 2019
Contractor’s Revenue Recognition Reminder Checklist
Accounting for Earnouts in M&A Transactions
Smallest of Businesses Get Priority in PPP Application Process
Changes to the Employee Retention Tax Credit
The U.S. Department of Health and Human Services (HHS) recently announced they created new criteria allowing all dentists to apply for the Provider Relief Fund (PRF). Historically, dentists did not qualify for the relief if they did not provide Medicare or Medicaid, so this change in requirements is greatly welcomed. Any dentists may apply for the PRF and if they qualify, they will be reimbursed 2% of their annual reported patient revenue. The Aug. 28, 2020 application deadline is quickly approaching, so Doeren Mayhew’s dental CPAs offer insight into what you’ll need to know to prepare your application.
For dentists to be eligible to apply for the PRF, according to the American Dental Association (ADA) they must meet all of these requirements:
The application is currently available online and must be completed by Aug. 28, 2020. In order to complete an application, dentists will need the following items:
Included in the application is an agreement (found in the terms and conditions portion) that specifies payment within 90 days of receipt cannot be used for the same expenses intended for Paycheck Protection Program (PPP) funds. It is also important to note that certain application information, including which practices receive relief and how much money each practice grosses in a year, will be available to the public. Since this new guidance will likely raise many questions from dentists wishing to qualify, the HHS has issued a list of FAQs to offer insight.
With these new favorable changes in place, be sure not to miss out on this opportunity for your dental practice. There are less than two weeks left until the deadline, so be sure to contact Doeren Mayhew’s Dental Division of CPAs and advisors with any questions you may have about the application.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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