Updated Nov. 12, 2020
The federal government has established various options to help physician practices offset the financial impact of COVID-19.
Many of these programs were enacted into law after significant AMA COVID-19 advocacy with the U.S. Congress and Administration as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act and are now being implemented by the federal agencies.
- Download the complete physician practice financial relief guide to learn more about the federal government programs created under the CARES Act.
- Download the provider relief compliance checklist as a guide to understand key considerations and how physician practices can comply with the various stimulus fund requirements.
HHS emergency funding (PDF)
- The SBA has two loan programs to address COVID-19-related economic stress. The first program is the 7(a) Paycheck Protection Program (PPP) and the second is the Economic Injury Disaster Loan (EIDL) program.
- On March 23, 2020, the Federal Reserve announced the creation of a Main Street Business Lending Program (the “MSBLP”) to support small and medium-sized businesses, but has yet to publish additional specific details about the program.
The CARES Act provides an employer retention tax credit and also allows delayed payment of employer payroll taxes.
A checklist of key considerations for compliance
- Know the rules
- Understand your liability
- Assess desirability
- Determine eligibility and prepare certification
- Document, document, document
- Avoid common pitfalls
- Check your insurance