It’s about time that dentists got some love from the legislative branch.
There are a number of bills in the works in Congress that, if enacted, would offer some much-needed relief for dental practices. Even though these bills aren’t necessarily dentist-specific, they’re supported by the ADA, and you might consider adding your support if you feel so inclined.
In no particular order, the bills are:
HR 7216, the Small Business Personal Protective Equipment Tax Credit Act. This act would give small businesses a tax credit up to $25,000 for the cost of qualified personal protective equipment such as gloves, medical masks, N95 respirators, eye protection, gowns and aprons, and cleaning products, as well as the retrofitting or installation of equipment.
Dentists across the country are slammed with the costs of extra PPE, and this bill might allow them to avoid having to eat the costs or passing them onto their patients.
HR 7819, the Eliminating the Provider Relief Fund Tax Penalties Act. This bill would allow dentists to use the full value of Provider Relief Funds by making the relief funds tax-exempt.
“Found money” is always a good thing for businesses.
HR 6821, the Small Business Expense Protection Act. Another tax benefit, this bill would “clarify” the CARES Act, allowing small businesses to deduct eligible expenses paid with a forgiven PPP loan from their taxes.
Speaking of taxes, have you decided whether you’re going to defer withholding payroll taxes?
HR 7032, the Skills Renewal Act. Enjoying bipartisan support, this bill would provide a $4,000 tax credit to American workers who have been laid-off or furloughed as a result of COVID-19. The tax credit is designed to encourage them to pursue post-secondary skills training and credentials.
It’s not clear at this point whether the act would apply to rehired workers. If so, dental team members who have returned from being furloughed would have the opportunity to enhance their skills.
HR 6776, the Jumpstarting Our Businesses’ Success Credit Act — known as the JOBS Credit Act. This bill would build on the Employee Retention Tax Credit in the CARES Act to help dental offices retain and rehire their employees by including several policy enhancements.
At this point, the vast majority of dental practices, based on ADA surveys, report having all or nearly all of their staff in place. However, knowing that funding is available should the need arise again is reassuring.
We’re Pro-Dentist, Not Pro-Litical
At SmartBox, we firmly believe that “the business of business is business.” But we also know that dentists provide a unique set of services that often go far beyond the usual customer relationship.
SmartBox is a dedicated dental practice growth firm. We want all dentists to succeed, and we do our best to make that happen. That’s why we try to keep dentists up to date on developments and issues that may impact their practices, positively or otherwise.
SmartBox employs the best minds in dentistry to help you grow your practice. Our Practice Growth System™ is proven to help dentists in every market area across the country achieve predictable year-over-year growth.