Coronavirus Disease 2019 (COVID-19) Financial Solutions
US DEPARTMENT OF HEALTH & HUMAN SERVICES (HHS)
AMERICAN ACADEMY OF PEDIATRICS (AAP)
CALIFORNIA MEDICAL ASSOCIATION (CMA)
AMERICA'S PHYSICIAN GROUPS (APG)
APG COVID-19 Member Urgent Update (04/01/2020)
Financial Aid Programs excerpt from AGP's Deep Dive on Coronavirus Aid, Relief, and Economic Security Act (CARES) and the New Interim Final Rule (03/31/2020)
AAFP RELATED LOSSES CALCULATOR TO QUALIFY FOR THE CARES ACT
Includes $100 billion for grants from the U.S. Department of Health and Human Services' Office of the Assistant Secretary for Preparedness and Response. Recipients will include health care providers affected by COVID-19, including Medicare- and Medicaid-enrolled practices: https://www.aafp.org/patient-care/emergency/2019-coronavirus/financial-relief.html
AAFP / SBA LOANS
Only certain counties have been declared disaster areas, based on whether the state’s governor has requested disaster assistance from the SBA. Small businesses and private nonprofits located in these counties are now eligible to apply for the loans. Eligible states and counties are listed here SBA Disaster Loan. This information is continually updated, and we recommend reviewing it frequently. Information on how the SBA will grant loans of up to $2 million per business is available here ( www.sba.gov).
The loans can be used to pay fixed debts, payroll, accounts payable, and other bills that cannot otherwise be paid as a result of the disaster. The interest rates for these loans are 3.75% for small businesses and 2.75% for private nonprofits. The SBA offers long-term loans, with terms for repayment up to 30 years and terms determined on a case-by-case basis, depending on each borrower’s ability to repay.
The SBA has set the “incident period” to have begun on January 31, 2020, and to continue indefinitely. Applicants must submit the completed loan application and a signed and dated IRS Form 4506-T granting the IRS permission to provide the SBA with tax information. Applicants may also apply in person at a Disaster Recovery Center. More information regarding the application process, which involves three steps, can be found at the : SBA Disaster Loan Application Process.
The SBA usually makes a decision on an application within two to three weeks. If the decision is affirmative, the SBA will send loan-closing documents to the applicant for a signature. Upon its receipt of the signed closing documents, the SBA will normally provide the applicant with an initial disbursement of $25,000 within five days.