Covid-19

Financial Relief for Surgeons

Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27th, that provides some pathways for physicians to obtain financial assistance for their practices. Many of you want to apply for this assistance if you are experiencing financial strains on your practice related to COVID-19. 

Centers for Medicare and Medicare Services (CMS)

Recently expanded the Accelerated and Advanced Payment Program. Surgeons and others may request advanced Medicare payments to address cash flow issues based on historical payments.

About accelerated and advance payment program – click here

Fact Sheet: Expansion of the Accelerated and Advance Payments Program for Providers and Suppliers During Covid-19 Emergency click here

Small Business Loans

In addition, relief for small businesses, including those run by physicians, was included in the $2 trillion CARES Act legislation. The provisions include the appropriation of $562 million for Economic Injury Disaster Loans to ensure that the Small Business Administration (SBA) has adequate resources to assist businesses in need.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support designed to help overcome the temporary loss of revenue. In response to the COVID-19 pandemic, small business owners in all fifty states, Washington, DC, and U.S. territories are eligible to apply.

The CARES Act clarified that eligibility would be for those businesses of 500 employees or less at each business location.

Learn more about Economic Injury Disaster Loans and find the appropriate applications here.

Information provided by the American College of Surgeons.

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