Congress just passed new legislation to provide help during this crisis. Include below is information on new and expanded resources to assist you as both a provider and a small business employer.
New grants for frontline support
A new Public Health and Social Services Emergency Fund includes an initial $100 billion for unreimbursed health care-related expenses or lost revenues that are attributable to COVID-19, as well as for personal protective equipment.
More details will be released soon by the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services (HHS).
HHS is expected to review applications and make payments on a rolling basis, and the application process likely will require a statement of need and a valid tax identification number (TIN).
Tax relief for wages and benefits
Under the new law, physician group practices, clinics and even non-profit community health centers may be able to take advantage of tax credits.
Businesses forced to suspend operations or that have seen gross receipts fall by 50% from the previous year are eligible. Many practices are seeing a loss of revenue as appointments are delayed or even canceled due to concerns around COVID-19.
View the IRS Coronavirus Tax Relief page or speak with your accountant or financial advisor for more information and to see whether your practice or center is eligible.
Loan assistance
Businesses with fewer than 500 employees (including sole proprietors, independent contractors and anyone otherwise self-employed) can apply for “paycheck protection” loans to meet payroll and cover certain other expenses like rent and utilities.
If employers maintain their payroll, borrowers can apply for loan forgiveness (PDF).
The new loans are available through private financial institutions (i.e., banks, credit unions) that participate in the U.S. Small Business Administration’s (SBA’s) lending network.
You can download a U.S. Department of Treasury’s application for borrowers (PDF). Visit SBA’s website to find a local partner near you to learn more about this and other programs.