The ADA News (4/23, Garvin) reports that the House of Representatives passed the Paycheck Protection Program and Health Care Enhancement Act on April 23 and said, “the bill calls for additional funding for federal loan programs to help businesses nationwide, including dental practices, recover from the economic fallout of the pandemic.” It is expected to be signed into law by President Donald Trump.

The Paycheck Protection Program and Health Care Enhancement Act “includes more than $250 billion in unrestricted funds for the Paycheck Protection Program” and “there is also an additional $60 billion for smaller institutions” as well as “$50 billion for Economic Injury Disaster Loans” and “$10 billion for the Economic Injury Disaster Loans Advance grants.”

The article reported that the “ADA is urging [members] to consider applying for both the Paycheck Protection Program and Economic Injury Disaster Loans,” according to an April 23 Issues Alert sent by ADA President Chad P. Gehani.

“If you have already applied and the processing of your application was put on hold because of the lack of funding, please keep an eye out for a message from your lender about status updates. If you have not applied for either loan, the ADA strongly urges that you consider applying for them as quickly as possible. Although additional funding was allocated for these loan programs, we still expect funding to be exhausted quickly,” Dr Gehani said.

For detailed information on applying for the Paycheck Protection Program and Economic Injury Disaster Loans, the ADA has posted an article in Dental Practice Success with step-by-step instructions on how to do that.

Read the article here.

For the latest updates about issues surrounding COVID-19, visit ADA.org/virus.