ACCOUNTING , BANKING & LAW
Safeguarding Healthcare Clients : Facing the Financial Impact of the COVID‐19 Pandemic
Accountants , attorneys and bankers are key advisors as the virus hurts revenue , limits customer access and shutters businesses .
Compiled by Miles Z . Epstein Editor , COMMERCE
There is no denying the huge hole
COVID‐19 has created in the economy , sucking revenue into its ongoing vortex of pain , fear and uncertainty . It ’ s a real-life tragedy and businesses are searching for answers as they deal with a new normal — most often with less dollars than before the pandemic . COMMERCE asked accounting firms , banks and law firms to discuss how they are guiding clients through these challenging times .
ACCOUNTING
Marcum LLP By Mary Antonetti , CPA , Partner , Healthcare Group
I have had many clients in the healthcare industry who were caring for potential COVID‐19 patients while navigating the rapidly changing environment of stimulus money . Large sums of money were given to healthcare organizations but without proper guidance some of the funds may have to be returned . One specific organization needed funds but was uncertain if it was able to obtain a PPP loan because of its number of employees . Along with their attorney , we were able to help them make the determination they were eligible to apply for funding . At the same time , we helped them navigate their requirements to retain their HHS Provider Relief Funds . Once they received the funds , we have been working with them to properly track and account for the money in order to maximize the use of stimulus funds and any potential loan forgiveness . We have been able to assist them with making important decisions about the use of the funds to both maintain their business and enhance the safety of their organization .
Nisivoccia By Deirdre Hartmann , CPA , Partner , Leader , Healthcare Group
In January , before the full impact of COVID‐19 , our client was the surviving entity in a merger transaction . Everything was going well
Getty Images / iStockphoto until the height of the shutdown in March . It became clear that , depending on the length of the closures , the success of the practice could be in jeopardy . Together , we began brainstorming options to increase cash flows . Unfortunately , the SBA Payroll Protection Plan ( PPP ) program was not an option , due to the affiliation rules and the number of employees . However , due to our in-depth knowledge of the employee retention credit , we were aware of a safe harbor that existed for acquired businesses . Fortunately , they qualified under the safe harbor criteria and received the credit . This helped them retain employees and helped solidify their future . Currently , we are providing clients with monthly cash flow analysis , helping them plan as they navigate the current environment . This information is crucial as they manage their businesses and return to full operation . It has definitely been a challenging year , and we will continue to work with our clients to help them succeed .
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