With COVID-19 affecting small business in the US, the government has issued various relief programs that you may be eligible to participate in. Below are a list of the top 4 relief programs we wanted to help you learn about and be aware of:
Please note that not all of these programs can be used at the same time, and some may not apply to your business. Please connect with your business or financial advisor to further evaluate if any will be a fit for your ASC.
The Paycheck Protection Loan Program, provides loans to eligible businesses with 500 employees or less, to cover the costs associated with up to eight weeks of payroll and employment benefits. Qualified businesses can apply for loans up to $10 million at a 4% interest rate. However, the loan amounts can be forgiven if the loan proceeds are used to cover payroll costs, mortgage interest, or rent and utility costs over the eight-week period after the loan is made and employee and compensation levels are maintained. Learn More & Apply.
EIDL Loan & Grant
The Economic Injury Disaster Loan program provides both a working capital loan and a $10,000 grant. The working capital loan may only be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loan can go up to $2 million, with a low fixed interest rate of 3.75%, and repayment term of up to 30 years. The $10,000 grant is given to any business that meets the minimum requirements, and is being delivered quickly (approx. 3 days after application review). Learn More & Apply
CMS Accelerated and Advance Payment Program
CMS has expanded their current accelerated and Advance Payment Program to a broader group of Medicare Part A providers and Part B suppliers. The expansion of this program is only for the duration of the public health emergency. To qualify, you must have billed Medicare for claims within 180 days immediately prior to the date of signature on the provider’s/supplier’s request form, payments will be issued within seven (7) calendar days of receiving the request, and CMS has extended the repayment of these accelerated/advance payments to begin 120 days after the date of issuance of the payment. Learn More & Apply
CARES Act Provider Relief Fund
$30 billion is being distributed immediately to eligible providers. All facilities and providers that received Medicare fee-for-service (FFS) reimbursements in 2019 are eligible for this initial rapid distribution. All relief payments are made to the billing organization according to its Taxpayer Identification Number (TIN). Providers will receive a portion of the initial $30 billion based on their share of total Medicare FFS reimbursements in 2019. These are grants, not loans, and will not need to be repaid. Providers will be paid via Automated Clearing House or paper check depending on how they normally receive reimbursement from CMS. Learn More