As a general rule, loan forgiveness will be available if the PPP loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the eight-week period after the date of the loan. The loan proceeds are not deferable, meaning the eight-week period starts on the date of the loan (not the date on which you filed a loan application). In addition, the loan (or a portion of the loan) may not be forgiven if you decrease your full-time employee headcount or decrease salaries and wages beyond certain thresholds. It is important to note that the Small Business Administration has indicated it will issue additional guidance regarding loan forgiveness.
The IDA commends the ADA for its ongoing work to urge Congress to consider allowing small business dental practices to choose the eight-week period for which they can seek loan forgiveness and rehire staff.
While this change has not been made, the ADA continues to advocate for flexibility around the eight-week period.
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