Since Congress finalized its new $900 billion economic stimulus package, which includes $284.5 billion to fund a second round of the Paycheck Protection Program (PPP), dentists can now apply for a new PPP loan. The Small Business Administration (SBA) recently released new guidelines with many details about the deductibility of PPP expenses and loan forgiveness. In this episode of The Art of Dental Finance and Management podcast, Artdiscusses everything that dentists should know about the new stimulus package and how it may affect their bottom-line. Art gives step-by-step instructions on securing a second PPP loan and plan for forgiveness: · New application form · New rules about who qualifies · How much you should apply for · Interplay between the PPP loan and the Employee Retention Tax Credit(ERC) · Strategy for full forgiveness · New PPP loan forgiveness form · Deadlines of filing with the Department of Health and Human Services (HHS) for HHS Provider Relief Funds Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Good planning and proper documentation can help ensure you maximize your PPP loan forgiveness. www.eidebailly.com/ppp
