SBA announces funding no longer available for Economic Injury Disaster Loans, Paycheck Protection Program
April 16, 2020
— The Small Business Administration said
that as of April 16, the agency is unable to accept any new applications for the Paycheck Protection Program or the Economic Injury Disaster Loans due to a lack of funding.
The agency added that this includes the grants from the Economic Injury Disaster Loans but said that applicants who have already submitted applications to the EIDL program itself (not the grants) will “continue to be processed on a first-come, first-served basis.”
The ADA continues to work with the Small Business Administration to help dental practice owners impacted by the COVID-19 pandemic.
The Association previously wrote to Senate Majority Leader Mitch McConnell, R-Ky., and Minority Leader Chuck Schumer, D-N.Y., and Speaker of the House Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif., and urged the legislators to increase funding for the Coronavirus Aid, Relief, and Economic Security Act. Part of the legislation — which passed March 27 — called for helping small businesses maintain employees on their payrolls during the pandemic.
“We believe the [Paycheck Protection Program] and [Economic Injury Disaster Loans] being administered through the Small Business Administration are going to be vital in keeping dentists across the country from closing their practices,” wrote ADA President Chad P. Gehani and Executive Director Kathleen T. O’Loughlin in that April 10 letter
The ADA believes additional funding “will be necessary to stem the closing of dental practices as well as millions of other small businesses, which could result in massive job losses and bankruptcies” and said the Association “strongly supports” increasing funding for both the Paycheck Protection Program and Economic Injury Disaster Loan grants to “the greatest extent possible” as additional funding “will help ease the burdens many dental practices and other small businesses are facing as the pandemic continues without an end in sight.”
Later this week, the Organized Dentistry Coalition and state dental associations and societies — led by ADA — will be asking Congress to provide additional funding and flexibility for these loan and grant programs.
The ADA will provide updates if Congress makes any announcements in regard to additional funding.
To learn more about the Small Business Administration’s COVID-19 relief options
available for businesses, visit the SBA website.
For the latest updates about issues surrounding COVID-19
, visit ADA.org/virus.