How to Handle Finances When Your Dental Practice Reopens After the COVID-19 Shutdown

Whether or not you’ve resumed business as usual during these highly unusual times, now is the time to assess your finances and pave a path forward. Loans, rent, suppliers and even federal funding are all factors when figuring out what your financial future looks like. Here’s how to handle your immediate financial needs when your dental practice reopens.


Reach out to your loan officer or broker to discuss deferral options available to you and your dental practice. Banks have deferred for as long as three months in total during this financially strained time, even if it’s just the principle that gets adjusted. If you have an existing loan with the Small Business Administration (SBA), either for a building, practice, or both, you can get six months forgiven with the right amount of prodding.


Because many renters cannot or will not be able to pay rent, landlords may have a deal with their bank, as well. Talk with your landlord to determine if they may forgive you or defer rent payments in part or in whole. Options, such as rent at half-rate for three months, exist with a little communication.


Because suppliers are in the same position as any business right now, it’s a big ask to do any bargaining, especially as most practice management companies’ services are still being used. However, if in a pinch, it doesn’t hurt to ask if they’d be willing to waive a penalty fee for late payment or hold off for 30 to 60 days without a problem.

Federal funding

With all that’s going on, it’s easy to lose track of the U.S. Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Now, an Economic Injury Disaster Loan is based on the number of employees from 1,000 to 15,000, while funds for the Paycheck Protection Program continue to be a moving target, in addition to closing loopholes.

What’s next?

Contact the experts at Professional Transition Strategies to figure out if reallocating retirement funds, finding an equity partner or talking to your bank makes the most financial sense.