Optometry coronavirus Financial and Practice (1)

We have received hundreds of messages asking us what to do regarding investments, student loans and practice ownership amidst current events.


We decided to create The Optometrist Resource to the COVID-19 Crisis  to give you resources on every financial topic and concern that the coronavirus has created. 


Happy "social distancing," and remember to keep a positive attitude.  We will get through this!


Dat Bui, OD and Aaron Neufeld, OD
  Co-Founders of ODs on Finance

Practice Management Articles

New Targeted $10,000 EIDL Grants_ Do You Qualify_

New Targeted $10,000 EIDL Grants: Do You Qualify?

With the initial economic shock of the COVID-19 pandemic back in March 2020, the Emergency Injury Disaster Loan (EIDL) and subsequent grant programs funded by the CARES act received a lot of buzz. In the first round of the EIDL grant, businesses were granted $1000 per employee of their business, up to a maximum of $10,000. Recently, congress has allocated another $20,000,000,000 in EIDL grants (advances) in the new stimulus to allow businesses who received less than $10,000 to qualify for the full $10,000 grant, minus any amount already received. Let’s take a look at EIDL grants and common questions regarding them.

The New Coronavirus Stimulus Package - FAQs for Small Business Owners

The New Coronavirus Stimulus Package – FAQs for Small Business Owners

Here we go again! In case you missed it, congress recently passed a new COVID-19 stimulus package on December 22, 2020, that provides over $900 billion in aid to individuals and businesses – pending the president’s signature. Notable parts of the new bill include changes to PPP (Paycheck Protection Program), EIDL, clarification of tax treatments of relief funds, and an extension to the Families First Coronavirus Response Act tax credit.
To help you further understand the bill, here is a quick rundown of everything you may need to know in an easy to read FAQ format.

CARES ACT Provider Relief Fund (HHS) Update - All Hail the Mighty Second Payment (1)

CARES ACT Provider Relief Fund (HHS) Update – All Hail the Mighty Second Payment

In January, many eye doctors were excited, hey 2020 was supposed to be the Year of the Optometrist, right?  Well, everything came crashing down when mid-March hit, thanks to a certain, highly contagious respiratory illness.  While there has certainly been a lot of negative repercussions with the ongoing COVID-19 outbreak and public health crisis, there…

All You Need to Know about the PPP Flex Act

All You Need to Know about the PPP Flex Act

Since the COVID-19 pandemic hit the United States, Congress has passed a number of bipartisan bills aimed at helping the economy in a number of ways. One of the most recent is the Paycheck Protection Program Flexibility Act (PPPFA), which was signed by President Trump on June 5th. This article will answer all your questions…

PPP Flex Act & Forgiveness_ Strategies and Highlight for Optometrists

PPP Flex Act & Forgiveness: Strategies and Highlight for Optometrists (Guest Post)

[Editor’s Note]: This is a guest post written written by Adam Cmejla, CFP®, one of our sponsorship partners.  Aaron and Dat are extremely strict about guest requirements in that they must be educational and informative to our readers. Every guest post is vetted, read and upheld to the highest standards of ODsonFinance. Your trust is the most…

8 Small Business Grants You May Not Know About

Small Business Grants You May Not Know About

In the past few weeks, we have become all too familiar with the infamous Economic Injury Disaster Loan (EIDL) program and Payroll Protection Program (PPP) loans. However, there are other grants available for qualifying small business owners affected by COVID-19. As you know, the earlier you apply, the higher the chance that you may successfully…

Student Loan Articles

8 Financial Lessons that I Learned during COVID-19

8 Financial Lessons that I Learned during COVID-19

As we approach the end of August, we have experienced the worst market down-spiral in mid-March since the 2008 housing recession, with a -20% stock market crash. Luckily, year to date (YTD), the S&P 500 index has recovered nicely to roughly baseline. While we are not out of the woods yet, I have learned some important financial lessons, both as an investor and as an individual during this once-in-a lifetime catastrophe. Here are 8 things the pandemic has taught me.

Federal Student Loan Servicers Get Fired! Chaos Could Extend Student Loan Relief

Federal Student Loan Servicers Get Fired! Chaos Could Extend Student Loan Relief

As we approach September 30, 2020, when the temporary 0% Federal student loan and forbearance period are both expected to end, here are some important updates:

Key Points:
DeVos fires all 4 major loan servicers that handle federal student loans starting December 14, 2020.
What to expect when receiving a welcome letter from your new servicer and what to do?
10 year PSLF Borrowers: Download your payment history before End of 2020
Student Loan servicers chaos could extend student loan relief
Refi Student loans are trending lower

Student Loan May Updates_ Fedloan Credit Score Mistake, New Borrower Lower Rates, Private Refi Lower Rates & HEROES Act

Student Loan May Updates: Fedloan Credit Score Mistake, New Borrower Lower Rates, Private Refi Lower Rates & HEROES Act

As we are approaching the 2-Month mark of the COVID-19 shelter in place, there have been a lot of changes in the world of student loans. Here are the latest updates: (1) Mistake on automatic forbearance of FedLoan accounts can negatively affect your Credit Report Upon passage of the CARES Act, there were 4 main…

CARES ACT_ Student Loan Repayment Benefit up to $5,250 annually +Lower Re-Fi Student Rate

CARES ACT: Student Loan Repayment Benefit up to $5,250 annually +Lower Re-Fi Student Rates

[Disclaimer] This article was written to the best of our knowledge with the latest news released from the Federal government. There are many moving parts to both of these programs, and as the days and weeks pass, there may be more clarification to some parts that are vague or confusing. Please be mindful, that I…

How to Certify your Weekly UI Claim

How to Certify your Weekly Unemployment (UI) Claim: Step by Step Guide

Disclaimer: This form was filled out for my personal circumstances, your situation may be identical or slightly different. Please use this merely as a guide. This reflects California’s EDD Certification claim – your state’s EDD may differ. Check this out first: Click Here to Read Part 1: How to Apply for Unemployment (UI) for CA…

Federal Rate 0

The Federal Reserve Just Slashed Interest Rates to 0%, What Does This Mean for Me?

March 2020 is shaping to be one of the craziest months our country has experienced in quite a while.  There is no doubt that these next few weeks will find their places in US History books that our children and grandchildren will study in the future. With widespread quarantine efforts by the government and CDC,…

Webinars on COVID-19 + CARES Act

Adam Cemejla CFP Webinar


In this episode/Live event, Adam Cmejla, CFP, answers questions regarding the CARES Act. Insight is given on the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), SBA Debt Relief and unemployment

 

Emergency Economic Injury Grants (EEIG) How to Step by Step Application for $10,000 Grant


In this video guide, Julie Phan OD walk us though the steps on to fill out the EEIG Application for your practice

Helpful Tools

Paycheck Protection Program (PPP) Loan Forgiveness

Paycheck Protection Program (PPP)  provide 100% forgivable loans (capped at 2.5x average monthly payroll) as long as the employer meets certain eligibility requirements and uses the loan during a covered 8 week period.


Check out Jose Caro CPA "Paycheck Protection Program Loan Forgiveness" Calculators

Resources from Around the Community

AOA COVID 19 webinar


What ODs need to know about new sick leave, FMLA requirements and financial support options for practices


Click here to Watch the Webinar


Presentation (PDF)

AOA Webinar 2020 COVID

PECAA COVID-19 Optometry Resources


Operational and HR resources for practice owners, in addition to latest update for CAREs 


Click here to Check it out 

 

California Optometric Association Resource Center


Latest Information and Resourced for CA optometrists


Click here to Check it out