It’s obvious that the coronavirus pandemic has created a number of good news-bad news scenarios. As you’re perhaps already aware, a recent bad news scenario involves COVID-19 relief options for dentists.As of April 16, 2020 the Small Business Administration (SBA) announced that it would not accept new applications for the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loans (EIDL) due to lack of available funds.
There IS developing good news about COVID-19 relief options for dentists
Foremost is the recently announced good news from the ADA (American Dental Association).
”The Senate passed new coronavirus relief legislation April 21 calling for much-needed funding for depleted
federal loan programs that could help businesses nationwide, including dentists and dental practices, recover from the economic fallout of the pandemic.
The bill is expected to inject $370 billion into the Paycheck Protection Program, Economic Injury Disaster Loans and emergency Economic Injury Disaster Loans grants.”
That bit of good news goes alongside the SBA continuing to process applications previously submitted to the EIDL program.
- This does not apply to the “grants” portion previously available.
- Each previously submitted application will be processed on a first-come, first-served basis.
As a dentist you can also benefit from the ongoing advocacy of the ADA (American Dental Association) and from your specific state or government dental association. They continue to work with the Small Business Administration to assist you as a practice owner during and beyond the COVID-19 pandemic.
A related article in from the ADA confirms their efforts on your behalf.
“We believe the Paycheck Protection Program and Economic Injury Disaster Loans being administered through the Small Business Administration are going to be vital in keeping dentists across the country from closing their practices,” wrote ADA President Chad P. Gehani and Executive Director Kathleen T. O’Loughlin in that April 10 letter.
The ADA believes additional funding “will be necessary to stem the closing of dental practices as well as millions of other small businesses, which could result in massive job losses and bankruptcies” and said the Association “strongly supports” increasing funding for both the Paycheck Protection Program and Economic Injury Disaster Loan grants to “the greatest extent possible” as additional funding “will help ease the burdens many dental practices and other small businesses are facing as the pandemic continues without an end in sight.”
The article also confirms continued requests to Congress from the Organized Dentistry Coalition and state dental societies (led by the ADA). They will be requesting additional funding and flexibility for available loans and grants.
In the meantime, additional COVID-19 relief options for dentists are available to you
Assistance is available from the SBA for a variety of scenarios you might experience during the Coronavirus pandemic or any similar incident.
- Capital Access – assistance for payroll, maintaining inventory, and handling market fluctuations (drops and surges).
- Workforce Capacity – the ability for you and your employees to fulfill their duties while protected.
- Inventory and Supply Chain Shortfalls – assurance of having adequate inventory supply for a sustained period and/or relative to a distributor diversification.
- Facility Remediation/Clean-up Costs – enhanced protection…