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Earlier this week, Congress passed the Paycheck Protection Program Flexibility Act. This bill will provide increased flexibility for borrowers who have received or will receive Paycheck Protection Program (PPP) loans. The ADA has advocated for this increased flexibility for PPP loans since the program was enacted. This is an example of your tripartite membership at work.

The act entails:
  • Increasing the PPP loan forgiveness coverage period from 8 weeks to 24 weeks. This means dental practices can make better decisions on when to spend the money based on what is best for their businesses.
  • Deferring payroll tax for PPP loan borrowers through Dec. 31, 2020. 50% of the deferred amount will be due Dec. 31, 2021, and the other 50% of the deferred amount will be due Dec. 31, 2022.
  • Deferring PPP loan repayment for 10 months instead of 6 months.
  • Allowing borrowers to use 40% of PPP funds to pay for non-payroll expenses as opposed to only 25% and still be eligible for full forgiveness.
  • Extending the rehiring deadline to offset the effect of enhanced Unemployment Insurance beyond June 30, 2020. This accounts for those businesses who have employees making more on unemployment and are facing a harder time rehiring staff as a result.
 
For more information on ADA’s Advocacy efforts you can visit: https://www.ada.org/en/advocacy/advocacy-issues/covid19-advocacy

Stay informed by visiting TDA’s COVID-19 resources page where you can access information on patient messaging, notification requirements, personal protective equipment, COVID-19 FAQs and other valuable information.  CLICK HERE to learn what TDA can do for you every day, whether it's a time of uncertainty, or business as usual.