Updated July 1, 2021
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 COVID-19 advocacy from the American Medical Association (AMA) to the U.S. Congress and the administration as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Families First Coronavirus Response Act, the Paycheck Protection Program (PPP), Health Care Enhancement Act and the 2021 Consolidated Appropriations Act.
- 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.
Small Business Administration (SBA) loans
The Small Business Administration (SBA) oversees two loan programs to address COVID-19-related economic stress, the 7(a) Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. The SBA reopened the PPP the week of Jan. 11, 2021.
Updated Paycheck Protection Program
The covered period for all PPP loans is extended through May 31, 2021, and applies to loans made before, on or after the date of enactment, including the forgiveness of such loan.
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