Over the last few weeks Congress has worked aggressively to provide financial and economic stability in the wake of the Coronavirus health crisis. As of March 30, 2020, there have been three different acts passed by Congress and signed by the President addressing different aspects of the coronavirus (COVID-19) crisis. The Famlies First Coronavirus Act was the second act pass by Congress on March 18th. On Friday, March 27th, the CARES Act was passed, marking the third piece of legislative action to address the economic volatility facing our nation. With over 1,000 pages in the collective bills, there is a lot of information to digest. There are several provisions that specifically apply to physicians and dentists and can help you through this difficult time.
The Families First Coronavirus Response Act (FFCR) includes a significant change that affects all Americans who file income tax returns. As a result of this bill, the IRS has extended the deadline to file your 2019 income tax return to July 15, 2020. Accordingly, as of March 27th, thirty-one states followed the federal government's lead by extending their filing date to July 15th and seven other states have chosen different filing deadlines.
The student loan crisis affecting borrowers is well documented, and it’s no secret that physicians and dentists have unique complexities based on the size of their loans, repayments options, and the possibility of loan forgiveness.
There are a couple beneficial developments specifically designed to help student loan borrowers. It is important to note that law only applies to borrowers of federal student loans.
Access our detailed article on Student Loan Changes HERE.
Like many small businesses across the country, most partner-owners in medical or dental practices, are experiencing a significant drop in revenue as a result of the response to the corona virus health risk. This has created enormous challenge and stress in meeting payroll and other operating expenses.
The CARES Act aims to provide help to these practice owners directly through two very favorable loan options:
Download our detailed guide to CARES Act Provisions for Small Business HERE.
To provide direct help to individual Americans, there are several key provisions of recent legislation that may help physicians and dentists.
Download our detailed guide to CARES Act Provisions for Individuals HERE.
For over 50 years, Spaugh Dameron Tenny has provided comprehensive financial planning for physicians and dentists across the U.S. In addition to providing personalized advice, we walk our clients through their options to help maximize finances and maintain financial security.
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