Art meets with three members of the Academy of Dental CPAs: Mark Rosen, BJ Kaucher and Bob Gray in today’s episode of The Art of Dental Finance and Management podcast. The panel discusses strategies for dentists to use SBA loan funds acquired from the EIDL and PPP loan programs and how to obtain maximum forgiveness.
As of May 3, the SBA still has not provided critically-needed guidance to answer many questions dentists have, however, the panel provides valuable guidance on:
- What to do if you have not already applied for a loan
- Whether you should start paying your dental team when you get the money or wait until your office opens up
- How the forgiveness rules work
- Things dentists should consider upon reopening
- Can PPP loan money be used as working capital
All panel members stress that proper planning for all finances, including these funds, is critical.
While this is still an ever-changing situation, we will continue to stay apprised of the latest updates and share them with the dental community.