The San Antonio Orthopaedic Group has received two federal loans through the Paycheck Protection Program to help maintain liquidity during the challenges caused by the COVID-19 pandemic, San Antonio Business Journal reports.
The practice has about 460 staff and has avoided layoffs and pay cuts so far.
"We've stabilized our staff and the situation with our clinics," CEO Usman Mirza, MD, told SABJ
With the cessation of elective surgeries during the pandemic, the practice experienced a significant drop in patient volumes in March and April, with its monthly revenue suffering a steep decline.
The practice is implementing a plan to ensure that it remains solvent for at least 120 days, according to SABJ.
Amegy Bank of Texas helped the practice secure the two PPP loans. In order for the loans to be forgiven, 75 percent must be used for employee salaries.