A message from the ADA about EIDL and PPP loans
A message from Mike Graham, Senior Vice President, ADA Government and Public Affairs:
“Like some of you perhaps, I have received some emails asking whether a dentist owner can apply for and receive funding from BOTH an Economic Injury Disaster Loan (EIDL) and Paycheck Protection (PPP) loan.
“The simple answer is YES.
“Unfortunately, there is considerable misinformation out there. ADA staff has been working hard with our consultant experts, Capitol Hill staff from both the House and Senate Small Business Committees, as well as members of the Academy of Dentist CPAs – and they have confirmed our reading of the most recent versions of the final bill, bill summary and additional documents. A dentist can receive funding from BOTH an EIDL loan and PPP loan.
“Therefore, we still recommend that dentists apply for the EIDL loan first – so that they can get the EIDL $10,000 grant and EIDL loan as quickly as possible. Then, if necessary, apply for the 7(a) loan, some or all of which is subject to loan forgiveness if used for eligible expenses. Bottom line is that you can roll the EIDL loan into the 7(a) loan if you like (you are not required to do so). Read more details on the loans here.CDS will post additional information links as soon as they are available from the ADA.