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What the Senate’s Passage of the CARES Act Means for Endodontists

On March 25, the Senate unanimously passed a $2 trillion COVID-19 economic relief bill called the Coronavirus Aid, Relief and Economic Security (CARES) Act. The measure builds upon earlier versions of the CARES Act and is meant to be the third round of support from the government during the Coronavirus pandemic.

The American Dental Association (ADA) and the U.S. Small Business Administration (SBA) have provided the following information. Here’s what endodontists, their staffs and residents need to know:

1.Economic Injury Disaster Loans (EIDL)
If your small business has suffered substantial economic injury and is located in a declared disaster area, you may be eligible for the U.S. Small Business Administration’s (SBA) EIDL. Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. The loan offers as much as $2 million per applicant. The SBA will also offer EIDL applicants an emergency grant of up to $10,000 remitted within three days to immediately cover expenses for COVID-19 related sick leave, mortgage, rent and necessary overhead. The SBA will provide a total of $10 billion in emergency grants, awarded on a first come, first served basis. EIDL applicants would not have to repay the SBA emergency grant if they are ultimately denied the EIDL loan. For more information or to apply, visit the SBA site.

2. Loan forgiveness for certain small business loans
A part of your federal small business loans may be forgiven tax-free in amounts spent for some payroll, sick leave, family leave and overhead expenses between Feb. 15 and June 6, and some debt obligations incurred prior to Feb. 15.

3. Retirement account withdrawals.
If you as an endodontist, your spouse or your dependent is diagnosed with COVID-19, or face adverse financial consequences from being quarantined, furloughed, laid off, or having work hours reduced due to the virus, then you may withdraw money from retirement funds (i.e., 401K, etc.) of up to $100,000 in 2020 without paying a tax penalty.

4. Student loan interest deferral.
The Act provides interest-free suspension of federal student loan through Sept. 30. This suspension will not be applicable to private loans. Contact your lender to verify eligibility.

Additional benefits include income tax breaks for employees receiving student loan assistance payments, deferred social security tax, federal tax rebates, and higher unemployment benefits. Visit the ADA to read more about these additional benefits.

The measure currently awaits action in the House, which is expected on March 27.

Visit for the latest AAE information on the Coronavirus pandemic.