On December 27th, 2020, the President signed a new $900 Billion COVID-19 relief stimulus package into law. This package includes substantial funding for small business through the Paycheck Protection Program (PPP).
Paycheck Protection Program (PPP)
As of 12/27/20, the legislation includes the following important information surrounding PPP and Tax Deductions:
The new COVID-19 relief bill also:
If your practice has experienced a negative financial impact from COVID-19, you're not alone. The pandemic has directly or indirectly affected the bottom line of 97 percent of physician practices, according to a study by the Medical Group Management Association (MGMA). On average, practices have reported a 55 percent decrease in revenue since the start of the crisis.
Relief options are available—and we're here to help.
On June 9, 2020, the US Department of Health and Human Services (HHS) announced an additional $15 Billion distribution from the Provider Relief Fund to eligible Medicaid and Children’s Health Insurance Program (CHIP) providers. To qualify, providers must participate in State Medicaid and CHIP programs and have not already received a payment from the Provider Relief Fund General Distribution.
Deadline to apply is August 3, 2020.
Medicaid/CHIP Provider Relief Fund Payment Forms and Guidance
Paycheck Protection Program closed on August 8, 2020. As such, the SBA is no longer accepting PPP applications.
The information provided is for informational purposes. Henry Schein does not provide legal, tax, financial or other professional advice. Customers should consult their own advisors.*
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There are also several available government-sponsored opportunities to restore your financial viability including:
For more information about these programs, you can also visit the American Medical Association (AMA), which has many resources and links related to financial assistance.
View a webinar with the latest updates to the CARES Act stimulus package, addressing the economic fallout of COVID-19. The webinar was developed in light of the June 9 announcement that $15 billion of the provider relief fund would be allocated to eligible Medicare and children’s health insurance providers.