Coronavirus Disease 2019 (COVID-19) Financial Solutions

US DEPARTMENT OF HEALTH & HUMAN SERVICES (HHS)

HHS Extends Application Deadline for Medicaid Providers and Plans to Reopen Portal to Certain Medicare Providers to Friday, August 28, 2020. News Release 07/31/2020 Visit the HHS Website to apply for the Medicaid and CHIP Distribution.



CALIFORNIA MEDICAL ASSOCIATION (CMA)

CMA announces that physicians can apply NOW for $200 million in financial support from Blue Shield of CA (04/22/2020)
https://www.cmadocs.org/newsroom/news/view/ArticleId/48844/Physicians-can-apply-NOW-for-200-million-in-financial-support-from-Blue-Shield-of-CA"



AAFP RELATED LOSSES CALCULATOR TO QUALIFY FOR THE CARES ACT

Includes $100 billion for grants from the U.S. Department of Health and Human Services' Office of the Assistant Secretary for Preparedness and Response. Recipients will include health care providers affected by COVID-19, including Medicare- and Medicaid-enrolled practices: https://www.aafp.org/patient-care/emergency/2019-coronavirus/financial-relief.html



AAFP / SBA LOANS

If you qualify, you can apply for an Economic Injury Disaster Loan (EIDL) at https://www.sba.gov/funding-programs/disaster-assistance. The SBA has up to 15 days from the passage of the law to issue guidance; however, it's important that you start gathering your financial information now to expedite the process when eligibility criteria are announced. AAFP/How does the Small Business Administration assistance work? The SBA, in conjunction with state governors, is providing targeted, low-interest loans to qualifying small businesses, including family physician practices. Keep In Mind:
Only certain counties have been declared disaster areas, based on whether the state’s governor has requested disaster assistance from the SBA. Small businesses and private nonprofits located in these counties are now eligible to apply for the loans. Eligible states and counties are listed here SBA Disaster Loan. This information is continually updated, and we recommend reviewing it frequently. Information on how the SBA will grant loans of up to $2 million per business is available here ( www.sba.gov). Loans can be Used For:
The loans can be used to pay fixed debts, payroll, accounts payable, and other bills that cannot otherwise be paid as a result of the disaster. The interest rates for these loans are 3.75% for small businesses and 2.75% for private nonprofits. The SBA offers long-term loans, with terms for repayment up to 30 years and terms determined on a case-by-case basis, depending on each borrower’s ability to repay. The deadline to apply for an Economic Injury Disaster loan is December 16, 2020:
The SBA has set the “incident period” to have begun on January 31, 2020, and to continue indefinitely. Applicants must submit the completed loan application and a signed and dated IRS Form 4506-T granting the IRS permission to provide the SBA with tax information. Applicants may also apply in person at a Disaster Recovery Center. More information regarding the application process, which involves three steps, can be found at the : SBA Disaster Loan Application Process. SBA Loan Decision Process:
The SBA usually makes a decision on an application within two to three weeks. If the decision is affirmative, the SBA will send loan-closing documents to the applicant for a signature. Upon its receipt of the signed closing documents, the SBA will normally provide the applicant with an initial disbursement of $25,000 within five days. To Learn More the SBA COVID-19 Related Resources or apply for EIDL Assistance:
https://www.sba.gov/funding-programs/disaster-assistance