Newly Passed Stimulus Package Offers Help for Dental Practices but Remains On Hold
The $900 billion stimulus package recently passed by Congress to help Americans and businesses survive the COVID-19 pandemic includes provisions for dental practices. According to the American Dental Association, the most relevant relief items are:
- Expenditures covered by Paycheck Protection Program (PPP) loans are tax deductible.
- PPP loan forgiveness will no longer be decreased by the amount a practice received from the Economic Injury Disaster Loan (EIDL) grant. The package also provides additional funds to the EIDL program.
- Practices that received a PPP loan may use the Employee Retention Tax Credit. The package also raises the wage cap and the amount of wages that is eligible for the credit.
The package is currently in limbo as President Trump has yet to sign it, citing displeasure with several aspects of the legislation.