COVID-19 Financial Resources for Physicians
CMS: Medicare Increased Payment
Effective May 1 to Dec. 31, 2020 there will be 2% increase in Medicare physician payments by temporarily lifting the Medicare sequestration cuts and 20% enhanced Medicare inpatient payment for services provided to patients with a COVID-19 diagnosis.
CMS: Accelerated Medicare Payments
The expansion of CMS's accelerated and advance payment program for participating Medicare physicians and hospitals is intended to lessen the financial hardship of providers facing extraordinary challenges related to the COVID-19 pandemic and help with cash flow problems that many physician practices are experiencing. Learn more.
SBA: Paycheck Protection Program
The Paycheck Protection Program (PPP) will provide small businesses and other entities with zero-fee loans of up to $10 million. Up to 8 weeks of average payroll and other costs will be forgiven if the business retains its employees and their salary levels. Learn more.
SBA: Economic Injury Disaster Loan Program
The SBA's Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing at a rate of 3.75% for small businesses under 500 employees. Learn more.
SBA: Economic Injury Disaster Loan Advance
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. This loan advance will not have to be repaid. Learn more.
SBA: Express Bridge Loan Pilot Program
SBA Express Bridge Loans Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. Learn more.
SBA: Debt Relief
The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans issued prior to Sept. 27, 2020 for a period of six months. Learn more.
US Treasury: Treasury Stabilization Fund
$454 billion to the Treasury Secretary's Stabilization Fund to provide emergency relief to assist businesses, including physician practices impacted by the outbreak. Detailed guidance for eligibility and applications is forthcoming from the US Treasury.
HHS: Direct Payment
$100 billion in direct assistance to Medicare/ Medicaid- enrolled physicians, hospitals and other health care workers for unreimbursed expenses and lost revenues due to reductions in other services as a result of the COVID-19 outbreak. Detailed guidance for eligibility and applications is forthcoming from the Department of Health and Human Services (HHS). Learn more.
CMS: MIPS Quality Reporting Extension
Deadlines for Medicare MIPS Quality reporting programs have been extended through April 30, 2020 with no submission or penalty. Learn more.
IRS: Tax Credits
The deadlines to file and pay federal income taxes are extended to July 15, 2020. Small and midsize employers can also begin taking advantage of two new refundable payroll tax credits, designed to promptly and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. Learn more.
CA IBank: CA Small Business Loan Guarantee Program
California IBank has a Small Business Loan Guarantee Program for guarantees up to $1 million for those affected by COVID-19 and a micro lending program for loans up to $10,000. Learn more.