CLARIFICATION ON TIME SENSITIVE EMAIL
The earlier email included a link to the ADA resource for the CARES Act SBA-7 loan. The SBA-7 loan application will not be available for 2-3 weeks. The CARES package includes SBA resources for small business owners, such as the SBA-7 loan, also known as the Paycheck Protection Program (PPP) loan. Familiarizing yourself with that information is a good idea, but you cannot take any action on it yet.
A brief description of the EIDL:
EIDL is a SBA-5 loan has special provisions for small businesses who have suffered or will suffer economic injury due to COVID-19. It is specifically designed to help with payroll and overhead expenses. The most important detail in the EIDL, that will be a significant financial assistance for dentists, is that any applicant who is approved will receive a $10,000 advance on their EIDL which will be considered a grant and will be taken off the balance of the loan. There are tax documents and other financial information required with the application. The EIDL application requires the EIDL form along with the SBA-5 form. The corporate owner has a different SBA-5 loan application and more extensive documents to included that a sole proprietor. The documents are listed in the middle of the EIDL website. Determine what documents you need. Gather the documents, and scan and download them on the same SBA website page, or copy and mail them, they do not ask how much loan amount you would request. Time is of the essence. There are limited funds. They only have $10 billion dollars for EIDL. If you think you want the option of this loan, the ADA is recommending you apply now.
Julia K. Mikell, DDS
SCDA President
