Today the President is set to sign the Paycheck Protection Program and Health Care Enhancement Act that will inject $370 billion into the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) programs
passed by the House yesterday
. Specifically, the PPP loan program would be increased by $310 billion with $60 billion set aside for smaller PPP lenders; the EIDL loan program will receive an additional $50 billion; and the EIDL grant program will receive $10 billion.
At this time, dentists who have not received funds from these programs are urged to consider applying for both EIDL and PPP loans. Those who have already applied and had the processing of their application placed on hold due to lack of funding, please watch for information from your lender about status updates.
Those planning to apply for these programs are strongly encouraged to do so as quickly as possible.
Although additional funding was allocated for these loan programs, funding is expected to be exhausted quickly.