Lending Update I

California Dental Practice Sales Update

Following is an excerpt of an email sent by Joe DiNicola, Division Executive, Bank of America regarding assistance they can provide for current clients with outstanding loans with the bank for those who may not have received it:

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Here is more information for our family and friends in the healthcare community:

First, if you are made aware of any Bank of America Client expressing questions or concerns about their ability to make their payments please direct them to contact us at 800.360.0667 to discuss our Client Assistance Program (CAP). We have a plan to support our Clients and are ready to help them as they reach out.

Client Assistance Program (CAP):

• Consumer and Small Business deposit accounts: clients can request refunds including overdraft fees, non-sufficient funds fees, and monthly maintenance fees.

• Consumer and Small Business credit cards: clients can request to defer payments, refunds on late fees.

• Practice Solutions/Small business loans: clients can request to defer payments, refunds on late fees.

• Auto loans: clients can request to defer payments, with payments added to the end of the loan.

• Mortgages and home equity: clients can request to defer payments, with payments added to the end of the loan.

• In all of these instances, there will be no negative credit bureau reporting for up-to-date clients.

• We have also paused foreclosure sales, evictions and repossessions.

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Also, following is the information for anyone interested in an SBA Disaster Loan:

The disaster loan program is called Economic Injury Disaster Loan (EIDL) for small businesses that have been adversely affected by COVID-19.

The EIDL program will provide eligible small businesses with working capital loans of up to $2mm to assist them in meeting financial obligations and operating expenses.

EIDL loan applications are accessible directly online at the following link:

https://www.sba.gov/funding-programs/disaster-assistance

For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

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First Choice Practice Sales

Specializing in California Dental Practice Sales