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What are the eligibility criteria for small businesses under the CARES Act? How much money can small businesses borrow and will that loan be forgiven? To answer these questions and many more, Dr. Pete and Dr. Stephen welcome Dr. Nick Silveri onto the podcast to discuss what this legislation means for all small practices and businesses. They talk about the importance of leadership during these difficult times as well as tips for stabilizing yourself, your team and your practice.
00:38 – Dr. Pete and Dr. Stephen welcome to the podcast Dr. Nick Silveri to break down the impact of the recently passed CARES Act
06:05 – Eligibility
07:04 – What lenders will be looking for and the timeline for small businesses to act on this
14:01 – How much money small business owners can borrow
18:15 – Navigating through this unprecedented crisis as a small business owner
22:06 – Dr. Pete and Dr. Stephen take a break to provide an update on The Remarkable Practice Attraction Immersion this April 2020
26:34 – The importance of leadership in these trying times
33:11 – Loan forgiveness
36:30 – Differentiating between the paycheck protection program, the disaster loan and the tax credit
41:26 – Strategies for stabilizing yourself, your team and your business
44:16 – Where listeners can learn more about Dr. Nick
EPISODE QUOTES
“If you are listening to this and you are a chiropractor, and you own your business, if you have employees, if you’re a sole proprietor, if you’re an independent contractor inside someone else’s business, all of those people will qualify for this [the CARES Act].” (06:10)
“Here’s my argument for why you need to move fast. There is a set amount of money in this bill - $349 billion – that is going towards this program in particular. I have no idea what the private payroll of companies under 500 people across the country is, because everyone is going to take advantage of this.” (12:16)
“This is such a great time for you to be pouring into your ideal patients. What is it that they need right now? How could you and your team be creating content that would give them some hope right now. Cause there’s a lot of people that are pretty down about what’s going on right now. You could be a ray of sunshine for these people the way I’ve been able to be a ray of sunshine for offices out there that didn’t know what they should be doing.” (28:26)
“There are so many things that we could be doing right now as far as the highest and best use of your time to continue to grow your business but be the authority. People will remember how you make them feel and they’ll remember especially how you lead during this time.” (32:31)
LINKS MENTIONED
Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
