ADA, Academy of Dental Certified Public Accountants work together to clear up confusion. Early on in the pandemic, many dental practice owners may have applied and received money in the form of an Economic Injury Disaster Loan grant from the Small Business Administration. These grants provided owners with up to $10,000 in funds that did not have to be paid back unless they also received loan forgiveness from the agency’s Paycheck Protection Program.
As dentists begin to make plans to file for forgiveness, the ADA and Academy of Dental Certified Public Accountants are working together to clarify what some may find to be a confusing process. Allen Schiff, ADCPA president, addresses three key takeaways regarding Paycheck Protection Program loans and provisions related to applying for and receiving forgiveness for these loans in a Q&A available on the ADA News webpage. The ADA and ADCPA also will continually update a joint fact sheet with the latest news on all SBA loans for dentists.
Visit ADA News to read the Q&A for more information.