The ADA News reports (12/28, Garvin) that President Donald J. Trump signed the $900 billion COVID-19 relief bill on Dec. 26. The bill is aimed at helping the people and businesses nationwide devastated by the coronavirus pandemic. These are the COVID-19 relief provisions the Association believes are the most critical for dentists:
- Making expenses paid for with the Paycheck Protection Program (PPP) loans tax deductible
- Eliminating the requirement that PPP loan forgiveness be reduced by the amount of the Economic Injury Disaster Loan (EIDL) grant that was received by the business. The bill also allocates additional EIDL grant money.
- Allowing PPP borrowers to utilize the Employee Retention Tax Credit. The bill also increases the wage cap and percentage of eligible wages for that credit.
The Paycheck Protection Program (PPP) will also be re-opened and a second round of PPP funds will be made available. This additional PPP eligibility will be limited to small businesses with 300 or fewer employees that had a 25% revenue loss in any quarter of 2020, and there will be additional funding set aside for businesses with 10 or fewer employees. See an updated SBA loan fact sheet from the ADA here