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How Dentists Can Obtain the PPP Loan Within the New Stimulus Package
Now that Congress has passed a new $900 billion economic stimulus package, once the president signs the legislation dentists who have suffered losses of income in 2020 can apply for a new Paycheck Protection Program (PPP) loan. Most who applied for the first round of PPP will also be eligible to apply for the second round. There are many details on the deductibility of PPP expenses that dentists should be aware of.
In this episode of The Art of Dental Finance and Management podcast, Art discusses the new stimulus package and how it may affect dentists, including the impact of new PPP funding. Topics include:
- Qualified expenses, such as personal protection equipment (PPE) that PPP funds can be used for
- Simplified PPP forgiveness applications
As 2020 comes to a close, it’s imperative for dentists to make sure they have all their documentation in order for year-end tax planning. Dentists should also be aware of the steps they can take to maximize their PPP loan forgiveness.