Nearly every SLP and Private Practice owner is being impacted by the Coronavirus pandemic. With the closure of workplaces and municipalities, clinicians are understandably worried about how to maintain an income and keep their clinic operational.
In today’s episode, we discuss some common questions that clinicians have been asking since the outbreak of this pandemic. Below are websites and resources to provide answers for some of these questions.
**Please note, as this situation changes daily, this list will be updated as frequently as we have more additional information**
First and foremost, there are health resources available regarding COVID-19.
- Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, explains what to do if you feel sick
- The Center for Disease Control and Prevention (CDC) website has fact sheets, FAQ, and how to prevent the spread
What federal government resources are available?
On 3/18/2020, the Families First Coronavirus Response Act was enacted. In summary, it provides the following information…
- Paid Job-Protected Leave Under the Family and Medical Leave Act
- 14 Days of Paid Sick Leave
- Tax Credits for Paid FMLA and Sick Leave and Grant of $1 Billion Dollars for Emergency Unemployment Insurance
- Bill Provides $1 Billion in Funds to be Transferred to States ($500 million made within 60 days) for anticipated increases in unemployment compensation claims
The Small Business Administration (SBA) has begun issuing Economic Injury Disaster Loan Programs to small businesses around the country
- Learn more about Disaster Loan Assistance Programs
- See if your state and/or county has been declared an eligible disaster area
- Reach out to your Regional and District Offices for specific questions regarding SBA resources
What state government resources are available?
Some states and municipalities have begun issuing economic relief to small business owners.
- Florida: Small businesses impacted by the Coronavirus (COVID-19) may now apply for short-term, interest-free loans through the Florida Small Business Emergency Bridge Loan program
- Wisconsin: Businesses with no more than 20 employees can apply for grants up to $20,000 to pay for rent and payroll expenses. That includes sick, family and other leave related to the COVID-19 outbreak.
- Pennsylvania: The state chamber of commerce has put together an FAQ and resources available to small business owners
- California: The state chamber of commerce has put together an FAQ and resources available to small business owners
- New York City: Businesses with fewer than 100 employees who have seen sales decrease by 25% or more will be eligible for zero-interest loans of up to $75,000 to help mitigate losses. More business services and resources available on the NYC Gov website
Check out your state Chamber of Commerce to see if grants, loans or other forms of economic help are available in your area
Where can I find hidden cash and access to capital on my personal and business balance sheets?
With today’s low interest rate environment, there is opportunity to refinance outstanding debt. You can do a traditional refinance of mortgages, student loans and auto loans.
You may also want to explore doing a cash-out refinance to access capital from a typically illiquid asset (like your house or commercial property)
Lenders and financial institutions have started issuing guidance on what to do if you fall into economic hardship and cannot make monthly payments. Reach out to your banking relationships and credit card companies directly to find out how they can help you. Most institutions have set up a Corronavirus FAQ on their website.
If you are renting your clinic space or personal residence, ask your landload about rent abatements to defer or reduce upcoming payments.
How do I train my staff to work in a virtual environment?
We know many of you are beginning to explore teletherapy as a way to see patients and maintain your caseloads. Here are some resources to share with your therapists as they move to a remote environment…
- Start with cybersecurity basics. Keep your security software up to date. Use passwords on all your devices and apps. Make sure the passwords are long, strong and unique: at least 12 characters that are a mix of numbers, symbols and capital and lowercase letters.
- Secure your home network
- Don’t click on links from sources you don’t know. Watch for emails claiming to be from the Centers for Disease Control and Prevention (CDC) or experts saying they have information about the virus.