Small Business Administration: Dentists can apply for both economic injury disaster and paycheck protection program loans
April 06, 2020
— Dentists can apply for both Economic Injury Disaster Loans and Paycheck Protection Program 7(a) loans, the Small Business Administration told the American Dental Association on April 6.
“We are happy to report that our ADA Washington Office received a call this morning from the Small Business Administration indicating that eligible entities can apply for and receive both the [Economic Injury Disaster Loans] and [Paycheck Protection Program 7(a)] regardless of when the entity received their EIDL loan dollars,” wrote ADA President Chad P. Gehani in an Issues Alert to dentists. “We expect written confirmation to follow.”
The Association was waiting for clear guidance from both the U.S. Department of Treasury and Small Business Administration on this issue following an interim final rule the Small Business Association published April 2. The ADA believed that the rule, Business Loan Program Temporary Changes; Paycheck Protection Program
, implied that only borrowers who received funds for the Economic Injury Disaster Loans from the Small Business Administration Jan. 31-April 3 were eligible to apply for Paycheck Protection Program loans.
The ADA expressed “strong concerns” regarding the rule in an April 3 letter
to Steven T. Mnuchin, secretary of the U.S. Department of the Treasury, and Jovita Carranza, administrator of the U.S. Small Business Administration.
According to statistics from the ADA Legislative Action Center, dentists once again responded in large numbers to the Association’s grassroots call to action. More than 200,000 emails were sent to the secretary of Treasury, the Small Business Administration administrator and members of Congress.
“Thank you to those who heeded that call to action. I greatly appreciate you taking the time to do that,” Dr. Gehani said.
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