I hear time and again that the most important benefit of membership is advocacy. We have received great news today from the ADA that proves that point. Congress has just passed the Paycheck Protection Program Flexibility Act!
The provisions of this bill include:
- Increasing the PPP loan forgiveness coverage period from 8 weeks to 24 weeks. This means dental practices can make better decisions about when to spend the money, based on what is best for their businesses.
- Deferring payroll tax for PPP loan borrowers through Dec. 31, 2020. 50% of the deferred amount will be due Dec. 31, 2021, and the other 50% of the deferred amount will be due Dec. 31, 2022.
- Deferring PPP loan repayment for 10 months instead of 6 months.
- Allowing borrowers to use 40% of PPP funds to pay for non-payroll expenses as opposed to only 25% and still be eligible for full forgiveness.
- Extending the rehiring deadline to offset the effect of enhanced Unemployment Insurance beyond June 30, 2020. This accounts for those businesses that have employees making more on unemployment and are facing a harder time rehiring staff as a result.
Please look for more information on this and other important information regarding COVID-19 at: