The U.S. Small Business Administration began taking applications for the second round of PPP loans on January 11, 2021, the loans provided through the Paycheck Protection Program.
Small businesses that didn’t receive a loan the first time, or that fully spent their previous PPP money, can apply for this forgivable loan.
If your dental office was significantly impacted by the COVID-19 pandemic, and you meet all the criteria, you will want to apply as soon as possible.
PPP loans can be used to cover payroll costs, including benefits. It can also be used to pay for other operating costs such as rent, utilities, and even worker protection costs related to COVID-19.
If you were rejected the first time or didn’t apply in the first round, you are eligible if you:
If you’re applying a second time, you are eligible if you:
PPP loans are eligible for forgiveness if during the 8 to 24-week period after receiving the funds:
At first, the SBA was only accepting applications from community financial institutions or CFIs. But as of January 19, 2021, the program is open to all lenders.
Contact your financial institution for more information about how to apply. You can also download the application form if you want to begin preparing.
Download here if it’s your first time.
Download here if it’s your second time.
The SBA will receive applications until March 31, 2021.