Sustainability

Financial & business operations during COVID-19: Guidance for physicians

Updated May 14, 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.

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Download the AMA financial relief guide

  1. Physician practice financial relief guide (PDF)

    1. Download the complete physician practice financial relief guide to learn more about the federal government programs created under the CARES Act.

What the financial relief guide covers by section

  1. HHS emergency funding (PDF)

    1. The CARES Act provides $100 billion in funding for the U.S. Department of Health & Human Services (HHS) to provide grants to health care providers enrolled in Medicare and Medicaid, including physician practices. The portal for signing the attestation forms is currently open on the HHS website.
  2. Small Business Administration (SBA) loans (PDF)

    1. 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.
  3. Medicare advance payments (PDF)

    1. As part of the CARES Act, providers and suppliers (including physician practices) are able to request up to 100% of the Medicare payment amount they have historically received over a prior 90-day period.
  4. Main Street Business Lending Program (PDF)

    1. 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. 
  5. Payroll tax-related benefits (PDF)

    1. The CARES Act provides an employer retention tax credit and also allows delayed payment of employer payroll taxes.

Financial strategies for practices webinar