Financial Guidance from Smith Anderson Amid Covid-19 Crisis

NCMS’ partner Smith Anderson held a call to review the various financial options available to you and your practice. We recorded the call so you can tap into the information provided. Listen below.

Smith Anderson Offers Financial Guidance Amid Covid-19 Crisis

Robert Shaw, chair of Smith Anderson’s health care practice, and Peter Bosman, a partner in Smith Anderson’s Private Equity group, reviewed the menu of financial options provided thus far by the federal government and offered some strategic considerations as you may weigh the various programs. Topics covered in the hour-long call, in the following order, included:

  • An overview of the CARES Act and its two provisions of most interest to small businesses, the Paycheck Protection Program and the Economic Injury Disaster Loan Program (EIDL).
  • Payroll tax credits.
  • Medicare accelerated or advance payments and what private insurers are doing in this area. They also discussed the NC Department of Insurance and their ‘strongly worded encouragement’ to insurers to defer premium payment requirements to help ensure there is no lapse in coverage for beneficiaries.
  • The distinctions between permanent and temporary layoffs of staff and furloughs.
  • Obligations if you need to close your practice.
  • The Family First Act and its provisions.

Shaw and Bosman also answered questions submitted before the call. If you have a follow up question, you may email it to rshaw@smithlaw.com. Watch for details on future calls to address other financial topics of concern to NCMS members as you respond to the economic impact of the COVID-19 pandemic.

 
 

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