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Clarification: EIDL & PPP Loans for Dentists

 

TDA has received more information from the American Dental Association to address a question on some dentist owners’ minds: whether they can apply for and receive funding from both an Economic Injury Disaster Loan (EIDL) and Paycheck Protection (PPP) loan.

According to Chad Olson, director, ADA Department of State Government Affairs:

“The simple answer is YES.

Unfortunately, there is considerable misinformation out there.  ADA staff has been working all day today with our consultant experts, Capitol Hill staff from both the House and Senate Small Business Committees, as well as members of the Academy of Dentist CPAs–and they have confirmed our reading of the most recent versions of the final bill, bill summary and additional documents.  A dentist can receive funding from BOTH an EIDL loan and PPP loan. Click HERE for a fact sheet that you might find valuable (See page 8). (Document Source: Senate Small Business Committee)

Therefore, we still recommend that dentists apply for the EIDL loan first–so that they can get the EIDL $10,000 grant and EIDL loan as quickly as possible. Then, if necessary, apply for the 7(a) loan, some or all of which is subject to loan forgiveness if used for eligible expenses. Bottom line is that you can roll the EIDL loan into the 7(a) loan if you like (you are not required to do so).

ADA staff has worked with the Academy of Dentist CPAs to develop a Fact Sheet on EIDL loans and PPP loans, and is also working on a "Decision Point Flow Chart" that may assist dentist owners in making decisions in the future. Click HERE to access the new Fact Sheet from ADA and the Academy of Dental CPAs."

TDA will share the new information and tools from the ADA and Academy of Dentist CPAs with our members as soon as it becomes available.