Critical information regarding assistance from the federal government available to small businesses and guidance on whether a dentist owner can apply for and receive funding from BOTH an Economic Injury Disaster Loan (EIDL) and Paycheck Protection (PPP) loan.
State Association Executive Directors:
Like some of you perhaps, I have received some emails asking whether a dentist owner can apply for and receive funding from BOTH an Economic Injury Disaster Loan (EIDL) and Paycheck Protection (PPP) loan.
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. Attached is a fact sheet that you might find valuable (See page 8).
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 is working with the Academy of Dentist CPAs to develop a Fact Sheet on EIDL loans and PPP loans as well as a "Decision Point Flow Chart" that may assist dentist owners in making decisions in the future.
Thanks,
Chad Olson
Director, Department of State Government Affairs
American Dental Association