President Donald Trump on Friday, 3/27, signed the coronavirus economic stimulus package upwards of $2 trillion to help the nation during the COVID-19 (Coronavirus) crisis.
In the legislation, there are several components that could help dentists. As detailed by the American Dental Association, here are some of those components:
- Loan forgiveness for some small business loans– Dentists could be eligible for loans that would cover sick leave, payroll, overhead and family leave.
- Retirement account withdrawals– Dentists may be able to take money out of their retirement without paying penalties or taxes.
- Student Loans– Dentists may be able to defer their student loan payments through the end of September, and interest would not build up during this time.
- Economic Injury Disaster Loans– Dentists could apply for Small Business Administration (SBA) loans that could help pay for mortgage/rent, overhead and sick leave.
- Small Business Administration loan payments– The SBA would pay the interest, fees and principal owed on 7(a) loans, micro loans and 504 loans for a six-month stretch.
- Enhanced Unemployment Benefits– If you are forced to lay off employees, emergency unemployment compensation benefits in the bill would increase up to $600 a week.
- Employee income tax breaks– Employees who have student loans and get assistance from their employer in paying those loans off won’t have to pay income tax on payment assistance (up to $5,250).
There are several other aspects of the legislation as well, for more information, click here. We will keep dentists updated as information becomes available.
Adams Dental Consulting is your partner in this and we are here to serve as a resource for guidance as we all get through these trying times. If you have any questions, don’t hesitate to give us a call today.