Small business loans: Latest COVID-19 update

Published on April 16, 2020
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Despite concerns about the current level of funding for the new Paycheck Protection Program, veterinary practices interested in the loan program should continue working with a lender to get their application in the queue.

The AVMA is urging Congress to quickly pass legislation that would add $250 million more funding to the program. The Small Business Administration recently said it wouldn’t be able to issue new Paycheck Protection Program loan approvals because of low funding levels.

It’s expected that a new infusion of funds will be approved once negotiations can be worked out about the details of what else might be included in the bill. Meanwhile, for any veterinary practices that want to make an application but haven’t yet done so, we recommend you continue to work with your lender, or another lender if needed. 

Some banks might continue to take applications, but others may not. If you’re unable to apply with a lender at this time, be sure to have all of the necessary documentation ready so you can apply as soon as your lender will allow. Find detailed information about the small business loan programs included in the federal stimulus package on the AVMA's dedicated COVID-19 website.

Learn about loan program updates with free webinar

A new AVMA Axon webinar provides updates about the small business loan programs available to veterinary businesses impacted by the COVID-19 pandemic, including the Paycheck Protection Program. Accountant Terry O’Neil, a partner in Katz, Sapper & Miller’s Veterinary Services Group, compares Paycheck Protection with other available loan forgiveness programs, such as Economic Injury Disaster Loans (EIDL), to help attendees understand which option might be right for individual businesses. 

Watch now on AVMA Axon

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Help support veterinary small businesses

COVID-19 continues to financially impact veterinary small businesses, and loan programs like the Paycheck Protection Program are crucial. You can easily contact your lawmakers through the AVMA Congressional Advocacy Network, and tell Congress to support these programs with more funds. Your individual voice will amplify the AVMA’s work, magnifying the impact to help veterinary practices and the clients and patients that rely on us.

Add your voice

Looking for more information about COVID-19 impacts to your veterinary business? On April 22, join AVMA’s chief economist, Matt Salois, Ph.D., and The Bridge Club for “The State of Now,” a webinar to provide an economic view of the profession amid COVID-19. Register now to learn what the financial future might look like for veterinary medicine as practices across the country establish a new "normal.”

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