On April 24, President Donald Trump will sign into law legislation that provides an additional $250 billion for the Paycheck Protection Program (PPP), $50 billion for the Economic Injury Disaster Loan (EIDL) program, and $75 billion for the provider relief fund.
If you applied for the PPP or EIDL programs and your application wasn’t fully processed before funding ran out, contact your lender regarding next steps. Some lending institutions are holding those applications until the additional funding is received, so you may not need to reapply. It is important to note that every lender is handling the application process differently.
Provider Relief Fund
On April 22, the Department of Health and Human Services (HHS) announced its plans for distributing the remainder of the provider relief funds authorized by the CARES Act. Following is what the American Academy of Family Physicians (AAFP) currently knows about the next wave of funding:
On April 22, the Department of Health and Human Services (HHS) announced its plans for distributing the remainder of the provider relief funds authorized by the CARES Act. Following is what the American Academy of Family Physicians (AAFP) currently knows about the next wave of funding:
- An additional $20 billion for Medicare providers will be allocated based on providers’ share of 2018 net patient revenues. HHS will begin disbursing this funding today, April 24, based on providers’ cost reports, and, as we understand it, the department has indicated that only hospitals filing cost reports will be eligible. HHS has stated that providers “without adequate cost report data on file” will need to submit revenue information via a portal that will be opened later this week. The AAFP plans to seek clarification on whether and how physicians can access these funds.
- $20-plus billion in funding that appears to be targeted at “high impact areas,” rural health clinics and hospitals, and the Indian Health Service. The AAFP plans to voice its concerns to HHS that this portion of funding isn’t available directly for physicians.
- An unspecified portion that will be dedicated for those providing care to the uninsured. The uninsured funding program will be administered by the Health Resources and Services Administration (HRSA), and providers can begin submitting claims in May.