We recognize reducing the provision of dental treatment to only urgent cases will have a detrimental economic impact. Please know that CDA is continuing its advocacy on behalf of the profession to seek economic relief at the federal and state levels.
Small Business Adminstration Loan Options
The Small Business Administration is offering multiple programs to assist small businesses with guidance and loan resources, including the following:
Use the SBA loan options flowchart to guide you through the process for the EIDL and PPP loan programs.
Common Paycheck Protection Program (PPP) FAQs:
Who can apply?
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit 501(c)3 organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
When can I apply?
It depends on the structure of your business. *Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive PPP loans to cover their payroll and other certain expenses through existing SBA lenders. Independent contractors and self-employed individuals may apply starting April 10, 2020 to cover their payroll and other certain expenses through existing SBA lenders.
Where do I apply?
Dentists may apply through any existing SBA 7(a) lender or federally insured credit union. CDA encourages dentists to apply through the bank with which they have an existing business relationship, as banks tend to prioritize the loan applications of their existing customer base. To locate additional SBA lenders in your area, visit the SBA’s local assistance page. The bank criteria for loan approval may vary from bank to bank.
Note: Loan applications will be only be accepted through online bank portals, as this will expedite loan processing. No hard copy applications may be submitted.
What information does the application require?
While the application may vary from bank to bank, we’ve linked an SBA sample application to provide an overview of the information which may be required for your loan application.
Bank of America, CDA’s endorsed partner for business transition, equipment and real estate loans, suggests dentists assemble the following documents to assist with the loan application process:
Find more information and resources on the SBA's COVID-19 webpage
The ADA has a fact sheet available (as of 3/31/2020) for dentists applying for Small Business Administration loans in the wake of the COVID-19 pandemic.
The state treasurer has compiled a list of resources available to small business owners. Practice owners are also encouraged to check with their city and/or county to identify local business relief programs.
In addition, local city assistance may be offered, and business owners should visit their local city or county websites for any additional relief that may be available to them.
Tax Assistance: Employers experiencing a hardship as a result of COVID-19 may request up to a 60-day extension from the EDD to file their state payroll reports and/or deposit state payroll taxes without penalty or interest. A written request for extension must be received within 60 days from the original delinquent date of the payment or return.
For questions/more information, contact: 1.888.745.3886 (Toll-free from the U.S. or Canada).
CDA is offering the following guidance on patient communication and emergency treatment protocols to help dentists protect their patients, staff and practice.
Gov. Gavin Newsom has started the deliberate process of allowing certain types of medical procedures at hospitals, such as surgeries to remove tumors and replace heart valves. While this step is encouraging, it does not yet include dental practices.