ADA thanks House subcommittee for holding Paycheck Protection Program forgiveness hearing

The American Dental Association sent a letter Sept. 29 to members of the U.S. House of Representatives Small Business Committee and Subcommittee on Economic Growth, Tax and Capital Access, thanking the subcommittee for holding a hearing on Paycheck Protection Program forgiveness.

"At a time when dental practices are trying to overcome the economic downturn caused by COVID-19, the Paycheck Protection Small Business Forgiveness Act (HR 7777) would provide forgiveness for PPP loans of less than $150,000 and would help practices stay open, retain their employees, and provide their patients with much-needed care," ADA President Chad P. Gehani and Executive Director Kathleen T. O'Loughlin said in the letter.

Drs. Gehani and O'Loughlin also asked members of the Small Business Committee to support other legislative initiatives, including the Small Business Expense Protection Act, the Small Business Personal Protective Equipment Tax Credit Act and the Jumpstarting Our Businesses' Success Credit Act.

"In addition to easing forgiveness for PPP loans, there are a number of related tax bills that we feel could be extremely beneficial to small businesses," they said. "We ask that discussions on COVID-19 relief legislation include the consideration of tax legislation that will further assist dental practices with recovering from the economic calamity caused by the pandemic."