ADA Backs Paycheck Protection Loan Forgiveness Legislation

The Paycheck Protection Small Business Forgiveness Act (S 4117) has been introduced in the Senate by a bipartisan group of senators from across the United States, and is strongly supported by the American Dental Association (ADA). The bill would enable recipients of Paycheck Protection Program (PPP) loans of less than $150,000 to receive forgiveness via completion of a 1-page form. The PPP loans—part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act—were designed to help small businesses, such as dental practices, survive the COVID-19 pandemic. The ADA asserts that small businesses will benefit from a simple and streamlined process to ensure their loans are forgiven. Click here to read more.