An important update from WSDA President Dr. Dennis Bradshaw, plus time-sensitive updated information regarding EIDL grants.
WSDA President Dr. Dennis Bradshaw has an important message to share with WSDA members — take less than five minutes to watch his video message.
Please also review
time-sensitive updated information regarding EIDL grants.
Important Update on $10,000 EIDL Grants
Dentists who previously applied for Economic Injury Disaster Loans (EIDL) prior to March 29 but who did not receive a Small Business Administration number are being asked to reapply for the loans as soon as possible using a new form.
These applicants are being asked to reapply because the ADA recently learned that applications made after March 29 include a box that the applicant can check to request an emergency grant of up to $10,000, which the SBA must provide within three business days of the grant’s request.
This new online form (updated late in the day March 29) is more streamlined and requires far less documentation than the EIDL loan applications submitted prior to this update.
“This grant will not have to be repaid even if you are not approved for the loan,” according to a new fact sheet created by the ADA and Academy of Dental CPAs.
For applicants who submitted their applications before March 29 but did receive an SBA loan application number, the ADA and Academy of Dental CPAs are still determining the process they can use to request the grant.
Access the New Form
Paycheck Protection Program Loan (PPP/7(a))
A new fact sheet created by the ADA and Academy of Dental CPAs provides the following information regarding Paycheck Protection Program loans. This loan is not currently available as of 3/31/20, see estimated timeline below.
Paycheck Protection Program Loan
- This loan will be provided by SBA approved banks. We encourage you to contact your business banker for additional information.
- Terms: 4% interest, up to 10-year repayment, 6 - 12 months no payments.
- Loan proceeds are limited to 2.5x average monthly payroll costs (wages, health insurance, PTO, retirement benefits and state or local payroll taxes assessed on compensation of employees) not to include federal payroll taxes. This does not include 1099 subcontractors or Employee/Owner Compensation over $100,000.
- Self-employed (1099) individuals are eligible for their own 7(a) loan and loan forgiveness.
- There will be an amount eligible for forgiveness - this amount must be calculated and cannot exceed the sum of the payroll costs, mortgage interest, rent and certain utility payments in the 8-week period following funding. Loan Forgiveness is contingent on having 75% of the number of employees on payroll Feb 15, 2020 by June 30, 2020.
- To seek forgiveness, documentation will be provided to the lender that includes the qualified expenses during the 8-week period subsequent to loan closing.
- There is potential for refinancing your EIDL loan into the section 7(a) loan to also make it eligible for forgiveness. Even if you are unable to refinance the EIDL into this loan, you are not prohibited from obtaining both loans.
Below is the hopeful timeline related to the Paycheck Protection Program, 7(a) loans:
- CARES Act signed into law – March 27
- Banks receive SBA guidance – By April 11
- Initial loans processed and being funded – Late April
Unemployment Updates
Unemployment information continues to unfold. WSDA is in the process of researching and will update members as we learn more. Please visit wsda.org/COVID-19 for more information.
Upcoming Webinars & Courses
Teledentistry in Washington - A One-Hour Free CDE Webinar
Wednesday, April 1 from 11:00-12:00 PM PT | Register Here
Presented by ARCORA, this webinar has been updated to be responsive to the growing need for safe patient care during this pandemic, remote services that are available, opportunities to address emergency dental demand, and new reimbursement methods. The original objectives will also be addressed as they relate to our current situation and as time allows.
Online Course: Teledentistry in the Era of COVID-19
Wednesday, April 1 from 1:00-2:00 PM PT | Register Here
Commonly available programs such as Facetime and Skype (in addition to others), may be temporarily used by dentists to help care for their patients through virtual services during the COVID-19 pandemic. Teledentistry experts Dr. Paul Glassman and Nathan Suter discuss reliable sources of information regarding telehealth and telemedicine as it relates to dentistry, including HIPAA waivers. This is an online course that will not be live and only made available for viewing on-demand.
Student Loan Repayment During Uncertain Times
Thursday, April 2 from 11:00-12:00 PM PT | Register Here
Laurel Road will share more information on the federal response to COVID-19, what you should consider if you plan to refinance, and walk through all student loan repayment options.