Part of the 3rd Coronavirus Stimulus Package includes access to several types of SBA loans for business owners negatively impacted by COVID-19. One loan, the Economic Injury Disaster Loan (EIDL), establishes an emergency grant to allow a dental practice that applies for this loan to receive an advance on that loan of no more than $10,000, which the SBA must distribute within 3 days. The money may be used to pay for employee sick leave (COVID-19-related), mortgage or rent, and other overhead expenses. The grants would be awarded on a first-come, first-serve basis
until the $10 billion fund is exhausted, and applicants would not have to repay the $10,000 grant even if they are denied the loan
. Employers may also be eligible for a portion of their federal, small business loans to be forgive (tax-free) for amounts spent for certain payroll, sick leave, family leave and other overhead expenses between February 15 and June 6, 2020, as well as other debt obligations incurred prior to February 15, 2020.
To learn more about these loans and apply, please visit the SBA site: