August 18, 2020
On March 27th, 2020, the President and Congress came to an agreement on a $2 trillion stimulus package. That includes an estimated $350 billion that will be provided for small businesses to keep making payroll. Companies with 500 or fewer employees can tap up to $10 million each in forgivable small business loans to keep paychecks flowing. The program would provide 8+ weeks of assistance through federally guaranteed loans to qualifying employers who maintain payroll; if they do, other costs like mortgage interest, rent, and utilities would also be forgiven. I believe the government pays the interest for the first year. Any amounts not forgiven can be paid back over 10 years. There are no origination costs or fees to get the loan. We are still researching details of that.
Since your business potentially qualifies for these forgivable loans to keep employees on payroll for 8+ weeks, I would suggest you do everything you can to take advantage of this program. I’ve been staying in touch with some friends in Washington DC who have been involved directly with crafting this legislation so I will let you know when I get more details, but in the meantime you should keep an eye on the SBA website for details.https://www.sba.gov
Here is a summary of what's in the CARE Act: https://adobe.ly/2w0Refl
We are doing everything we possibly can do to help you navigate through this challenging situation. Please stay positive. Have confidence in yourself and your team to overcome this. We love you and we are cheering for you, our country and the dental community as a whole.
Hopefully this will be helpful to you.
Weston Lunsford, CEO
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