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Another Round of Paycheck Protection Funds May Be on the Horizon
New legislation, the Continuing Small Business Recovery and Paycheck Protection Program Act, has been introduced in the Senate. Under the umbrella of the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act, this would provide another round of relief for small businesses during the global pandemic. The bill would provide an additional forgivable loan to businesses with fewer than 300 employees that can demonstrate a 50% decrease in gross revenue. The new legislation would also expand the types of expenses the funds can be used for in order to secure loan forgiveness. Of note for dental practices is the coverage of costs for reconfiguring workplace spaces to protect employees, such as installing air-filtering systems, and expenses related to billing operations, such as software. Read more here.