ADA supports Paycheck Protection Small Business Forgiveness Act
September 10, 2020
— The ADA is supporting legislation to streamline forgiveness from the Paycheck Protection Program for loans less than $150,000 upon the completion of a simple, one-page document.
In a Sept. 8 letter
to Sens. Kevin Cramer, R-N.D., Bob Menendez, D-N.J., Thom Tillis, R-N.C., and Kyrsten Sinema, D-Ariz., ADA President Chad P. Gehani and Executive Director Kathleen T. O’Loughlin thanked the lawmakers for sponsoring S 4117, the Paycheck Protection Small Business Forgiveness Act.
Drs. Gehani and O’Loughlin pointed out that since Paycheck Protection Program loans under $150,000 accounted for 85% of all Paycheck Protection Program recipients, expediting the loan forgiveness process could save small businesses and lenders “many hours of paperwork” and an estimated $2 billion nationwide.
“Providing a straight forward and efficient forgiveness process will allow dental practices to focus on remaining open, ensuring a safe environment for patients and staff, and maintaining our nation’s oral health,” they wrote. “After closing completely or limiting their practices to emergency-only dental care during the pandemic, dentists — the majority of whom are small business owners — have reopened their practices. Their time and resources would be better focused on keeping their practices safely up and running, not on processing onerous paperwork.”
“The ADA strongly supports the Paycheck Protection Small Business Forgiveness Act and your efforts to lessen the burden that small businesses have shouldered due to the COVID-19 pandemic,” the letter concluded.
The ADA also signed on to a coalition letter
on S 4117 in July.
For more information about the ADA’s advocacy efforts during COVID-19, visit ADA.org/COVID19Advocacy