Finance32: Dental School’s Missing Curriculum
Finance32: Dental School’s Missing Curriculum
Great clinical skills simply are not enough for dentists to achieve financial success. Let Buckingham Strategic Wealth's Practice Integration Advisors share what else you need to know to realize your lifetime goals and obtain financial peace of mind.
Buckingham Strategic Wealth

When Do You Have to Decide on Repaying Your Economic Injury Disaster Loan (EIDL)?

When Do You Have to Decide on Repaying Your Economic Injury Disaster Loan (EIDL)?

6/16/2021 8:00:00 AM   |   Comments: 0   |   Views: 107

Mike McAninch is a Practice Integration Advisor with Buckingham Strategic Wealth, where he specializes in helping dentists connect their money and their values to realize their most important financial goals.

Legislation passed by Congress and signed into law established a COVID-19-specific category of Economic Injury Disaster Loan (EIDL) though the Small Business Administration. Unlike a Paycheck Protection Program (PPP) loan, the EIDL is NOT eligible for forgiveness. Consequently, this loan must be repaid.

But when do you have to decide about repaying your EIDL?

Fortunately, all COVID-19 EIDL repayments are deferred for one year from the date of the initial loan disbursement. This delayed repayment feature allows the borrower’s business time to hopefully recover from shutdowns related to COVID-19.

After the 12-month deferral period, loan repayment begins using a 30-year amortization schedule at a fixed rate of 3.75%. The loan can be partially or fully prepaid at any time without penalty. Those are the loan terms, and now that you know you have 12 months to decide, what factors should you consider when electing to return or keep your COVID-19 EIDL?

Stay tuned! My colleague Katie Collins answers this question in our next blog!

Would you like us to speak to your study club? Our Practice Integration Wealth Management team is pleased to offer live, interactive presentations to your colleagues. We can tailor our presentations to fit your content and time requirements and deliver them via an online format. Along with a question-and-answer period, we offer all attendees the opportunity to meet with us individually should they wish to ask questions more specific to their own circumstances. We can also arrange to have your study club’s presentation earn ADA CERP credits for attendees. Contact me for more information. 

Buckingham Strategic Wealth is an ADA CERP Recognized Provider. ADA CERP is a service of the American Dental Association to assist dental professionals in identifying quality providers of continuing dental education. ADA CERP does not approve or endorse individual courses or instructors, nor does it imply acceptance of credit hours by boards of dentistry. The information provided is for educational purposes only and should not be construed as specific financial, accounting or tax advice. Individuals should speak with qualified professionals based on their unique circumstances. IRN-21-2179

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