03/27/2020
Government Relief for Optometrists & Optical Owners
Pivotal Group members,
Forgive our silence regarding mass emails about COVID-19.
It appears that every company under the sun is trying to bail water out of their own boat and into yours by selling you whatever they can think of, which is something we're firmly committed to NOT doing here at Pivotal.
We've closely tracked the progress of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Congress approved as we draft this message and is expected to be signed by the President later today.
It contains a remarkable amount of relief for small business owners with fewer than 500 employees. Here's what we know so far.
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Brief Disclosure Before We Begin
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No one staffed at Pivotal Group is a legal, policy, or financial expert. The insights and guidance shared in this message are based on information we received earlier today from the Chief Policy Officer of the U.S. Chamber of Commerce and should not be interpreted as professional advice.
Our early interpretation is based on the language of the bill before and during passage, as well as feedback from colleagues and professional sources. Some aspects of the CARES Act may differ slightly once signed and executed, but we're confident that what's shared here is what will be available to your small business in the coming days.
This particular email concerns your status as a small business. We will continue investigating financial relief specific to optometrists and update you as anything promising is finalized.
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How Can the CARES Act Help Optometry Clinic & Optical Owners?
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The CARES Act is designed to help small business owners "keep the lights on" and keep staff employed during the economic fallout caused by COVID-19.
The government has approved unprecedented relief to not only provide a loan during these times, but also forgive that loan (effectively making it a grant) for a large percentage of most doctor's operating expenses.
Maximum Loan Amount: Small business owners with fewer than 500 employees can apply for a maximum loan amount of 2.5x their monthly payroll expenses.
How Long Will Approval Take? The government has removed many barriers that traditionally bog down the SBA approval & underwriting process (not requiring collateral, dramatically expanding lenders, every loan being guaranteed by the federal government, and more), so these loans are predicted to be approved as quickly as 1-2 weeks from the date of application.
Who Qualifies? Virtually every small business owner with
