Well, it looks like it will be another month before we can get back to work full time.
If you were trying to wait it out in hopes of getting back to work this week, we completely understand. But, since we now know we have at least 4 more weeks (possibly longer) of quarantine, now would be the time to get your financials in order and apply for unemployment.
In this post, we break down the CARES Act and what it will do for you. We will also include helpful links to assist you during this time.
6 ways the CARES Act will assist Dental Professionals
#1 Increased Unemployment Pay
Until July 31st, your unemployment compensation can go up to $600 a week on top of your regular payout. This is automatically applied to your unemployment pay.
The California Employment Development Department (EDD) states on their site that they are awaiting further instructions, so they have not released a date for when that to go into effect. But it should be in April.
Please Note: You do NOT need to be laid off or fired to receive unemployment benefits. If your office is closed or you are receiving fewer hours and/or lower pay, you can receive benefits.
#2 Rebate Checks
Rebate checks of $1200 for individuals or $2400 for couples (who filed jointly) will be mailed out to anyone who made less than $75k or $150k (if filed jointly) in 2018. As long as you did your 2019 taxes (for your 2018 income) no action is required on your part to receive these checks.
#3 Emergency paid sick leave
If you are sick with the Coronavirus OR need to be excused from work to care for someone that is sick, you are to receive 2 weeks of sick pay at your full rate from your employer. The CARES Act is assisting your dentists in many ways financially so they can pay you your sick leave.
#4 Student Loan Deferral
Those with Federal Student Loans will not be required to make a payment on your loans until September 2020. During which time, interest on the loans will NOT be accumulated. I suggest you call your lender to confirm your loan falls under this benefit.
#5 COVID-19 Insurance Coverage
Health insurance plans are to automatically cover tests for the Coronavirus and preventative treatment. No pre-authorizations are needed.
#6 Federal Tax Filing Delay
Tax day has been pushed back to July 15, 2020 and if you owe any money from your taxes, payments are delayed until October 15, 2020.
So you have an easy-to-read breakdown of how the CARES act will assist you financially during this time.
All of the above
Easy to read Q&A on the CARES Act
Family Medical Leave Act Q&A
CDA Coronavirus Update page
6 financial tips for Dental Professionals out of work due to the Coronavirus
8 ways dental professionals can earn a paycheck during the Coronavirus Pandemic