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Author: UCA Admin/Wednesday, June 10, 2020/Categories: Industry News
Information provided by Camille Bonta, MHS; Principal, Summit Health Care Consulting, and UCA Policy Consultant
On June 5, the “Paycheck Protection Program Flexibility Act” (H.R. 7010) was signed into law, giving physician practices and other businesses that have secured a Paycheck Protection Program (PPP) loan more time and flexibility for keeping employees on payroll and, consequently, eligibility for loan forgiveness.
On June 8, the U.S. Department of Treasury and Small Business Administration released a statement regarding enactment of the legislation, noting that rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing the legislative changes to the PPP will be forthcoming.
Notable changes to the program include extending the covered period for forgiveness from eight weeks to 24 weeks following loan origination and lowering the amount of the loan that must be used on payroll costs from 75 to 60 percent, with the forgivable amount scaling in proportion to the amount spent on payroll during the forgiveness covered period.
HHS Announces Distribution of Relief Funds to Medicaid and CHIP Providers
The Department of Health and Human Services (HHS) has announced it will distribute approximately $15 billion from the Provider Relief Fund to eligible Medicaid and Children's Health Insurance Program (CHIP) providers. The deadline to submit an application is July 20, 2020.
Congress has provided $175 billion in relief funds to hospitals and other health care providers as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Paycheck Protection Program and Health Care Enhancement Act. This funding supports health care-related expenses or lost revenue attributable to COVID-19.
On June 10, HHS launched an Enhanced Provider Relief Fund Payment Portal that will allow eligible Medicaid and CHIP providers to report their annual patient revenue, which will be used as a factor in determining their Provider Relief Fund payment. The payment to each provider will be at least 2 percent of reported gross revenue from patient care. The final amount each provider receives will be determined after the data is submitted, including information about the number of Medicaid patients providers serve.
According to the application instructions, eligible providers include those who have not received payment from the $50 billion Provider Relief Fund General Distribution; have directly billed Medicaid/CHIP programs for health care-related services during the period of Jan. 1, 2018 to Dec. 31, 2019; and provided patient care after Jan. 31, 2020.
Applicants will need to provide a federal income tax return for 2017, 2018 or 2019 and a quarterly federal tax return for Q1 2020, and agree to the program’s Terms and Conditions for distribution of the funds.
More information about the application process and eligibility can be found here.
You can also join UCA for a FREE webinar on this subject:
COVID-19 Resource Webinar - Update on CARES Act and Paycheck Protection Program (PPP)
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