GDA Resources for Small Businesses
HHS Provider Relief Fund
The HHS Provider Relief Fund is now open to non-Medicaid dentists with taxpayer ID numbers. Deadline to apply is Aug. 3. Read this ADA News story with CGA Chair Dr. Phillip Fijal and his experience with applying.
Attention: GDA Members Who are In-Network Delta Dental Providers
Delta Dental of California, its affiliate companies, and Lendeavor are offering $200 million through a loan assistance program to provide economic assistance and post-COVID-19 pandemic relief for dentists who are in-network Delta Dental providers in 15 states, including Georgia.
The loan assistance program includes:
- First 12 months of interest on refinance and working capital loans covered by Delta Dental
- Second 12 months of interest on working capital loans arranged by Delta Dental and covered by Lendeavor
- Deferred payments for 6 months
- Working capital up to 15% of previous year’s collections (capped at $200,000)
- Up to a 126-month term
To be eligible to apply for the loan assistance program, you must own a private practice without venture capital or corporate support. Applications will be accepted starting on Friday, April 30, 2020.
Delta Dental Lendeavor Economic Aid Program Info
Additional Funding Provided for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program
April 27, 2020
On Friday, April 24th, President Trump signed The Paycheck Protection Program and Health Care Enhancement Act, a 4th stimulus package of $484 billion with a large portion providing additional funding for Small Business Administration (SBA) loans to assist small businesses, including dental practices.
This package includes:
- $310 billion of new funds for the Paycheck Protection Program (PPP) with $60 billion in funding going specifically to small lenders, which is designed to better serve smaller businesses
- $60 billion of new funds for loans and grants for the SBA Economic Injury Disaster Loan (EIDL) Program
According to the SBA and U.S. Treasury Secretary Steven Mnuchin, new applications for the PPP will be accepted from approved lenders on behalf of borrowers starting on Monday, April 27th at 10:30 a.m. If you have already applied for the PPP loan but did not receive funding the first time, you may not have to reapply again. The SBA and U.S. Department of Treasury are encouraging lenders to process loan applications that were previously submitted. However, you should confirm directly with your lender as soon as possible as it is expected this funding will run out quickly.
SBA Loans Available to Business Owners
On March 6, 2020, the Coronavirus Preparedness and Response Supplemental Appropriations Act became law and allowed the Small Business Administration (SBA) to establish the Economic Injury Disaster Loan (EIDL) Program. On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Trump. This $2.2 trillion stimulus bill includes $349 billion in SBA loans and provisions around SBA loans that can are beneficial to dentists that own practices.
Resources from GDA Endorsed Partner, Bank of America
GDA is working diligently with our endorsed partners to keep members informed on issues related to COVID-19. Below is information from GDA Endorsed Partner Bank of America on financial assistance for small business clients, including documentation a member may need to apply for the 7A loan through the CARES Act.
Endorsed Partners Resources
GDA is working diligently with our endorsed partners to stay on top of business related issues due to the coronavirus. Below, you can find links to help you stay informed on the status of COVID-19 here in Georgia and resources to help you and your practice.
GDA is here for you! To assist members as we navigate the COVID-19 outbreak, the GDA has prepared a FAQ reference for your business during COVID-19.