On Friday, April 24th, President Trump signed The Paycheck Protection Program and Health Care Enhancement Act, a 4th stimulus package of $484 billion with a large portion providing additional funding for Small Business Administration (SBA) loans to assist small businesses, including dental practices.
This package includes:
- $310 billion of new funds for the Paycheck Protection Program (PPP) with $60 billion in funding going specifically to small lenders, which is designed to better serve smaller businesses
- $60 billion of new funds for loans and grants for the SBA Economic Injury Disaster Loan (EIDL) Program
According to the SBA and U.S. Treasury Secretary Steven Mnuchin, new applications for the PPP will be accepted from approved lenders on behalf of borrowers starting on Monday, April 27th at 10:30 a.m. If you have already applied for the PPP loan but did not receive funding the first time, you may not have to reapply again. The SBA and U.S. Department of Treasury are encouraging lenders to process loan applications that were previously submitted. However, you should confirm directly with your lender as soon as possible as it is expected this funding will run out quickly.