Congress has passed the Paycheck Protection Program Flexibility Act, which will provide increased flexibility for borrowers who have received or will receive PPP loans.
Paycheck Protection Program Flexibility Act Passes Congress
Yesterday, Congress passed the Paycheck Protection Program Flexibility Act. This bill will provide increased flexibility for borrowers who have received or will receive Paycheck Protection Program (PPP) loans. The ADA has advocated for this increased flexibility for PPP loans since the program was enacted.
The final bill includes the following changes the ADA has supported or advocated for:
- Increasing the PPP loan forgiveness coverage period from 8 weeks to 24 weeks. This means dental practices can make better decisions on when to spend the money based on what is best for their businesses.
- Deferring payroll tax for PPP loan borrowers through Dec. 31, 2020. 50% of the deferred amount will be due Dec. 31, 2021, and the other 50% of the deferred amount will be due Dec. 31, 2022.
- Deferring PPP loan repayment for 10 months instead of 6 months.
- Allowing borrowers to use 40% of PPP funds to pay for non-payroll expenses as opposed to only 25% and still be eligible for full forgiveness.
- Extending the rehiring deadline to offset the effect of enhanced Unemployment Insurance beyond June 30, 2020. This accounts for those businesses who have employees making more on unemployment and are facing a harder time rehiring staff as a result.
We encourage you to reach out to your accountant to learn more these changes. If you haven’t applied for a PPP loan yet, discuss with your accountant if it would be appropriate for your practice.
Free KN95 Masks Still Available for WA Dentists
While supplies last, one box of 50 FDA-approved KN95 masks is available to any actively practicing licensed Washington dentist. Masks are supplied from the Washington State Emergency Management Division and are being shipped directly to dentists by The Dentists Supply Company (TDSC) on a first-come, first-served basis. If you have not yet ordered your one box of masks, please do so ASAP, as there are only 800 boxes left.
Learn More & Place Order
TDIC Live Webinar: Consent in the Era of COVID-19
Friday, June 5 at 10:00 AM PT | Register
This course will explore the law of consent and offer tips for reducing the risk of litigation or claims in the event of a patient or staff member contracting COVID-19.
Dr. Dennis Bradshaw