Apply for Economic Injury Disaster Loan quickly as this is based on a first come first serve basis and not just for dentists.

  • Mar 30, 2020 

The new SBA form for applying for the EIDL loan advance replaces all other previous forms (the Form 5 and 5C) for applying for the EIDL loan for any entity, sole proprietor or otherwise. 

If you already filed a Form 5 or 5C, you still need to file the new form for the loan advance. 

The streamlined SBA EIDL loan advance application has been posted at:  https://www.sba.gov/disaster-assistance/coronavirus-covid-19#section-header-3.

Can a dentist owner apply for and receive funding from BOTH an Economic Injury Disaster Loan (EIDL) and Paycheck Protection (PPP) loan? The simple answer is YES.  Attached is a fact sheet that you might find valuable (See page 8).
 
We still recommend that dentists apply for the EIDL loan first – so that they can get the EIDL $10,000 grant and EIDL loan as quickly as possible. Then, if necessary, apply for the 7(a) loan, some or all of which is subject to loan forgiveness if used for eligible expenses. Bottom line is you can roll the EIDL loan into the 7(a) loan if you like (you are not required to do so).

The Economic Injury Disaster Loan (EIDL), which establishes an emergency grant to allow a dental practice that applies for an EIDL loan to receive an advance on that loan of no more than $10,000, which the SBA must distribute within three days. The money may be used to pay for employee sick leave (COVID-19-related), mortgage or rent, and other overhead expenses.

The grants would be awarded on a first come first served basis until the $10 billion fund is exhausted, and applicants would not have to repay the $10,000 grant even if they are denied the loan.