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?
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
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
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
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 (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…
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
Trump Declared a 0% Student Loan Interest Waiver and Allows Borrowers to Suspend payment for up to Six Months, What should you Do?
Editor’s Note:Update [3/26/2020] We will try our best to update this article with the latest information/news from the federal government during these changing climate With the Coronavirus crisis fully engaging our nation, every facet of our economic system is being affected. President Trump declared Friday March 13 that he’s waived “interest on all student loans…
Navigating Market Mantras During Volatility and Uncertainty
The perfect storm of the COVID-19 outbreak and the upcoming election has led to an extremely volatile market. March 16, 2020 marked the second largest single day loss by the Dow Jones Industrial Average, in the history of the US. With the market down and heavily volatile, a few mantras regarding how to invest with…
We are likely going to head into a Recession; here is how you can Prepare
Hey ODsonFinance Community, Look like today is going to be another unpleasant day in the stock market with the recent announcement by the President to restrict air travel to Europe. As of this writing on Thursday March 12, 2020, the market have drop more than 20% from its recent highs in February and officially we…
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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
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)
PECAA COVID-19 Optometry Resources
Operational and HR resources for practice owners, in addition to latest update for CAREs
California Optometric Association Resource Center
Latest Information and Resourced for CA optometrists