AGD has prepared a quick-reference guide for members on applying for loan forgiveness under the U.S. Small Business Administration's Paycheck Protection Program (PPP). The reference sheet covers the forgiveness timeline for PPP loan recipients, the forgiveness application process's key steps, and the potential tax considerations for PPP loan forgiveness.

PPP loan recipients should carefully consider their options, as their entire loan could be eligible for forgiveness under specific circumstances. However, it is important to note that under current IRS guidance (IRS Notice 2020-32), any expenses paid for with PPP loan funds that have been or are expected to be, forgiven will not be eligible for deductibility for tax purposes.

Impact on General Dentistry: Many AGD members have applied for and received PPP loans to support their practice's operations during the pandemic. AGD stands ready to help clarify the PPP process and encourages members to contact their lenders for specific information regarding loan forgiveness. AGD is working with policymakers to streamline the PPP loan forgiveness process and improve the PPP program in potential future iterations.