Washington — The U.S. Small Business Administration has released a new one-page application for borrowers with Paycheck Protection Program loans of $150,000 or less.
The Paycheck Protection Program is a loan established by the Coronavirus Aid, Relief, and Economic Security Act in March 2020 to provide a direct incentive for small businesses to keep or rehire their workers.
The ADA advocated for the Small Business Administration to streamline PPP loan forgiveness and sent multiple letters urging the agency to expedite the process. The Association was also part of several coalitions that also made this request to the Small Business Administration and Congress.
“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,” the ADA wrote in a September 2020 letter . “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.”
New and second draw PPP loans are also available. Lenders can accept applications for those new and second draw loans until March 31, as set forth in the latest COVID-19 relief legislation, or until loan funding has been exhausted, the Small Business Administration said .
To apply for forgiveness, download SBA Form 3508S at SBA.gov .
For more information about the ADA’s advocacy efforts during COVID-19, visit ADA.org/COVID19Advocacy .