The CARES Act contains provisions advocated for by the ADA that could be of significant benefit to dentists, dentist owners, dental students and dental office employees.
The Coronavirus Aid, Relief and Economic Security Act — or CARES Act — contains many provisions advocated for by the ADA that could be of significant benefit to dentists, dentist owners, dental students and dental office employees.
While the bill contains numerous provisions of interest and value
, below is one that we believe is critical for our members to be aware of:
Economic Injury Disaster Loans
There are a number of Small Business Administration (SBA) loans available to dentist owners. One loan, in particular, is the Economic Injury Disaster Loan (EIDL), which establishes an emergency grant to allow a dental practice that applies for an EIDL loan to receive an advance on that loan of no more than $10,000, which the SBA must distribute within three days. The money may be used to pay for employee sick leave (COVID-19-related), mortgage or rent, and other overhead expenses. The grants would be awarded on a first come first served basis until the $10 billion fund is exhausted, and applicants would not have to repay the $10,000 grant even if they are denied the loan.
HOW TO APPLY: To apply, visit disasterloan.sba.gov and click the middle circle that says “Apply Online.” Please note: Due to enormous demand, the SBA website is working sporadically. We believe applying through the link above provides a possible workaround.
The bill was unanimously passed by the Senate on March 25 and a vote is expected in the House on March 27. Though the legislative process is not yet complete, we wanted to provide you with some details to help you plan accordingly. We encourage you to review ADA’s analysis of the bill.
ADA Webinar: What’s In the CARES Act and How It Can Immediately Impact My Dental Practice
Friday, March 27 from 2:00-3:00 PM PT
Senior Vice President of ADA Government and Public Affairs Mike Graham will walk participants through the provisions in the recently enacted CARES Act and its impact on dentists and their practices. Allen Schiff, CPA, will then explain how a provision in the Act allows those who apply for small business loans to access grant money on a first-come, first-served basis. An on-demand version will be live on ADA.org within 48 business hours of the live discussion.
Additional ADA Resources
Please visit wsda.org/COVID-19
for a comprehensive list of updated resources.
Dr. Dennis Bradshaw