What dentists need to know about Small Business Administration loans

The American Dental Association created a fact sheet for dentists applying for small business loans through the Coronavirus Aid, Relief and Economic Security Act.

President Donald Trump signed the CARES Act on March 27. The bill provides $10 billion to small businesses through the Economic Injury Disaster Loan program.

The association encourages dentists to apply for the Economic Injury Disaster Loan as soon as possible. Applicants of the loan can receive an emergency grant of up to $10,000. The loan comes with a 3.75 percent interest rate. Dentists have up to 30 years to repay the loan and can go the first 12 months with no payments.

Dentists are also encouraged to apply for the Paycheck Protection Loan. The loan comes with a 4 percent interest rate. Dentists have 10 years to repay the loan.

To learn more about the loans, click here.

More articles on dental:
ADA publishes COVID-19 resources page for dentists
'Dentists offices aren't thinking of their bottom line right now,' Pennsylvania dental group CEO says
How Aspen Dental is responding to COVID-19

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