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Archives for March 2020

Veterinary Ventilators – Shipped to Hospitals – Combat COVID-19

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The nation’s hospitals, facing dire shortages of lifesaving ventilators as the coronavirus outbreak continues, are finding help from an unlikely source: animal doctors and veterinarians.

The country’s largest veterinary schools, animal hospitals and even zoos are offering up ventilators to hospitals that are scrambling to care for a growing number of critically ill coronavirus patients. Similar efforts elsewhere could produce hundreds of machines and save countless lives.

Ventilators used on animals are identical to machines at hospitals, according to several animal doctors and hospital officials. Dogs and cats with pneumonia and other respiratory issues, not unlike their human counter parts, benefit immensely from the breathing machines, which quickly can be repurposed.

 

Source: This article was provided by ABC News.  See pictures of how ventilators are used on dogs, orangutans, tortoise, and jaguars.

 

Coronavirus Loan Assistance – Veterinary Practices – Pet Hospitals

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The VET CPA Association, and it’s Veterinary CPA member firms, have launched a Small Business Loan Assistance service to support the following types of veterinary practices:

  • Veterinary Clinics
  • Pet Hospitals – Animal Hospitals
  • Mixed Animal Veterinary Practices
  • Specialty Veterinary Practices

This emergency loan assistance program is designed to provide veterinary practices with sound financial guidance in this emergency situation navigating federal, state and city specific programs, grants as well as veterinary industry specific options.

To learn more, visit the “request a veterinary cpa” page and complete the form.  We will then put your in touch with a CPA in your area.

$2T Relief Program – COVID-19 – Coronavirus

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A major deal was struck by the White house and Senate leaders on March 25 for a $2 trillion package that will provide relief to the economy in the midst of the coronavirus pandemic. It is the biggest relief package in American history.

Senator Mitch McConnell called it as “a wartime level of investment into our nation” as the United States continues to see a rise in the number of coronavirus cases.

The package will provide much needed financial support to businesses forced to shut down and relief to American families and hospitals turned upside-down from the fast spreading disease and ensuing economic crisis.

Here are some of the key factors that were being negotiated in the stimulus package:

  • $250 billion set aside for direct payments to individuals and families
  • $350 billion in small business loans
  • $250 billion in unemployment insurance benefits
  • $500 billion in loans for distressed companies
  • Individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each
  • Married couples earning up to $150,000 receiving $2,400 — and an additional $500 per each child
  • Payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children

Some other areas discussed by negotiators were providing four months of unemployment benefits, offered to self-employed workers as well. In addition, the bill would ensure the Small Business Administration could serve as a guarantor for loans of up to $10 billion for small businesses to make sure they can maintain their payrolls and pay off their debts.

The bill would provide $130 billion in funding to hospitals especially hard hit and $150 billion for state and local governments struggling due to response to battle coronavirus.

COVID-19 Banking Terms Changing for Veterinarians – Pet Hospitals

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The terms for banking are rapidly changing and will continue to evolve.  Below are the new terms that have been established by lendor.  For more up to date information, contact us and we will put a VET CPA in touch with you pronto.

Due to the recent development of COVID-19, the terms for loans is rapidly changing:

Bank Terms
Affinity Bank 1 day turn around on Lines of Credit (if existing customer) and 3 months deferred payments.
Bank of America Interest only 90 days, must request
Bank of America 60 day deferral of payments + line of credit
Chase 60 day deferral of payments or interest only for 60 days + line of credit
Citicorp Currently working on a deferral program on a case by case basis
First Citizens No payments for 60 days (must request), business unsecured loans for up to 24 months with a low fixed interest rate
Lendeavor 60 days deferred payments
M&T 90 day payment deferral,interest accrues during the 3 months
PNC Interest only 90 days & possible 90 day total deferment
PNC 60 day deferment
Prosperity Bank 60 day deferral of payments + line of credit
South State Interest only 120 days
Wells Fargo 3 month deferment
Zion Bank Review each request, It could be a line of credit, interest only period, or a deferment of P&I for a period of time
SBA Express Loan Payment , limited to 10% of Fee Income , priced at prime 3.25% plus 1% to 3%