Table.
Federal resources announced related to COVID-19 pandemic
| Program | Description | Requirements | Must funds be repaid? | Interest rate (if applicable) | Repayment timeframe | Resources |
|---|---|---|---|---|---|---|
| Public Health and Social Services Emergency Fund (the Relief Fund) | $30 billion in grants dispersed to hospitals and physician practices based on their share of overall 2019 Medicare FFS spending; distributed to organizations, not to individuals | Must have received Medicare FFS reimbursement in 2019; funds must be used for healthcare-related expenses or to compensate for lost revenues related to coronavirus; applicant must agree to certain terms and conditions | No | NA | NA | https://www.hhs.gov/provider-relief/index.html and https://www.hhs.gov/sites/default/files/relief-fund-payment-terms-and-conditions-04132020.pdf |
| Accelerated and Advance Payment Program | Payments funded by Medicare Part A and Part B trust funds through Medicare administrative contractors; available to Medicare providers within 7 days of request, for ≤3 months of Medicare reimbursements; NOTE: Centers for Medicare and Medicaid Services has announced it is reevaluating and suspending its program for now. | Applicant must have billed Medicare within 180 days of request; practice must not be in bankruptcy; practice must not be under active medical review or program integrity investigation; practice must not have any outstanding delinquent Medicare overpayments | Yes | 0% if paid within 210 days; 10.25% with extended repayment plans | 1 Year for hospitals; 210 days for other providers | https://www.cms.gov/files/document/Accelerated-and-Advanced-Payments-Fact-Sheet.pdf |
| PPP | Beginning April 3, 2020, small businesses can apply for a forgivable loan through an SBA-approved lender for ≤2.5 times average payroll to cover ≤8 weeks of payroll and other expenses (mortgage/rent; utilities); retroactive to February 15, 2020, and available through June 30, 2020; can be deferred for 6 months | Practices with <500 employees, sole-proprietor, independent contractor, or otherwise self-employed; for the loan to be forgiven: must use ≥75% of loan proceeds for payroll; number of full-time employees must be maintained (or hired back by June 30, 2020); amount of staff salary/wages must be maintained | It depends | 1% | 2 Years | https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses; and https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf |
| EIDL | Small businesses can apply for loans ≤$2 million, with an advance of ≤$10,000 to cover a temporary revenue loss; the loan advance can be used for paid sick leave, payroll, rent/mortgage, etc; can be deferred for 1 year | Practices with <500 employees, sole-proprietor, independent contractor, or otherwise self-employed | Yes | 3.75% for small businesses; 2.75% for nonprofits | ≤30 Years | https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses; https://www.uschamber.com/co/run/business-financing/sba-disaster-assistance-loans-guide; and https://covid19relief.sba.gov/#/?v=1.0c2c3c294e4af074736a829aa1d5945b50008d45 |
| CESA | Includes the Main Street Lending Program, authorizing the Treasury Secretary to make loans, investments, and subsidies for mid-size businesses (500-10,000 employees); no principal or interest due for 1 year | Must not have >10,000 employees or 2019 revenue >$2.5 billion; must not have otherwise received “adequate economic relief” via loans or other guarantees under the CARES Act; funds must be used to retain ≥90% of workforce (at full compensation) until September 30, 2020 | Yes | Secured overnight financing rate plus 2.5%-4% | 4 Years | https://www.akerman.com/en/perspectives/main-street-lending-program-offers-additional-relief-to-small-and-mid-size-businesses-under-the-cares-act.html#_ftn1; and https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200409a7.pdf |
| Small Business Debt Relief Program | Immediate debt relief to small businesses with non–disaster SBA loans; SBA will automatically cover all current and new loan payments for 7(a), 504, or microloans for 6 months | Practices with <500 employees, sole-proprietor, independent contractor, or otherwise self-employed; only applicable to SBA 7(a), 504, or microloans; must take out a new loan by September 26, 2020 | Yes | NR | NR | https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses; and https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief |
CARES, Coronavirus Aid, Relief, and Economic Security; CESA, Coronavirus Economic Stabilization Act; EEIDL, Emergency Economic Injury Disaster Loan; FFS, fee-for-service; NA, not applicable; NR, not reported; SBA, small business administration.