Info and applications for for new, second draw applications, plus January 14 webinar details.
January 14 ADA Webinar
COVID Relief Overview and Update on Vaccines | Click to Register
Join the ADA for a webinar on Thursday, January 14 at 11am as they discuss recent COVID-19 relief legislation and its implications for small business loans, taxes and labor issues. They'll also discuss the recent COVID relief legislation and its implications for small business loans, taxes and labor issues, as well as updates related to the distribution and issues related to COVID vaccines. Learning Objectives:
- Basics and updates to the Paycheck Protection Program and Economic Injury Disaster Loans and grants.
- Basics of the Employee Retention Tax Credit and how it can benefit dental practices.
- Walk though current employment related topics including paid time off for COVID, unemployment compensation benefit extensions and whether and when to require practice staff to be vaccinated
- This webinar will not offer CE credit.
New PPP Loans Information; Repeal of EIDL Advance Deduction
On Saturday, January 9, the Treasury/SBA announced that small lenders will start being able to accept applications for new (first time) PPP loan borrowers starting Monday, January 11. Larger lenders will be able to start accepting applications likely later the same week. Second draw loan applications will begin to be accepted by small lenders starting January 13; and again, larger lenders will be able to accept second draw loan applications soon after.
The following one pagers have been released:
Overview of First Draw PPP
Overview of Second Draw PPP
Applications are available here:
First Time Borrower Application Form
Second Draw Borrower Application Form
At the time this information was provided by the ADA, they stated they were still waiting on the easier forgiveness applications, and would send them as soon as they had them.
Additionally, more PPP information is available at the following article, Date Set for Limited PPP reopening, Journal of Accountancy.
Lastly, for those who already filed for forgiveness, SBA also released news that it will remit EIDL grant amounts back to the lenders, and the lenders will give it back to the PPP borrower. Read more here.