Focus
As concern about the novel coronavirus grew, the World Health Organization (WHO) declared the outbreak a global pandemic. In the following weeks, most U.S. states issued shelter-in-place orders for non-essential businesses to prevent the spread of the virus. Subsequently, the global economy, including orthodontic practices, felt a dramatic financial fallout.
In response, Congress passed the CARES Act, a piece of legislation designed to provide economic relief for individuals as well as small businesses. Due to the urgency behind the bill, there’s understandably plenty of confusion for orthodontists trying to keep their practice alive. Manon Newell, COO of Engaged Practice Growth Specialists, breaks down the important aspects of the CARES Act while providing insight on how orthodontists can successfully navigate this crisis.
Key Takeaways
- Discover the importance of taking the best mode of action for your particular practice, even if it may differ from the reigning opinion in the industry
- Learn how to track your loan money so you can better report back to your bank when the loan period is over
- Understand how having two separate checking accounts for your business for the loan proceeds can help efficiently manage and track your funds
