Archives     Advertise     Editorial Calendar      Advertiser Index     Subscribe     Contact Us    


Paycheck Protection Program Flexibility Act


 
LUCY CARTER

On June 8, 2020, the Paycheck Protection Program Flexibility Act was signed into law. Major provisions of the Act are as follows:

  • The covered period for loan forgiveness is extended to 24 weeks after the date of the loan disbursement (originally 8 weeks).
  • The requirements for loan proceeds to be used for payroll during the 24-week period was lowered to 60 percent (originally 75 percent).
  • The repayment period for PPP loan amounts that are not forgiven is extended to 5 years (originally 2-year repayment period).
  • The requirement to meet the FTE requirement is extended to Dec. 31, 2020.

The SBA, in consultation with the Treasury, will issue rules and guidance including a modified loan forgiveness application implementing the legislative amendments to the PPP loan (neither had been issued as of mid-June).


HHS Provider Relief Fund Portal for Eligible Medicaid and CHIP Providers

On June 10, 2020, HHS launched the portal for eligible Medicaid and CHIP providers. HHS expects to distribute approximately $15 billion to eligible providers that participate in state Medicaid and CHIP programs and have not received a payment from the Provider Relief General Allocation (the $30 billion and $20 billion relief funds based on Medicare revenue).

Applicants must meet all the following requirements:

  • Must not have received payment from the $50 billion General Distribution.
  • Must have directly billed Medicaid for healthcare related services during the period Jan. 1, 2018 to Dec. 31, 2019 or own an included subsidiary that has billed Medicaid during the same period.
  • Must have either filed a federal income tax return for 2017, 2018, or 2019 or be an entity exempt from the requirement to file a federal income tax return and have no beneficial owner that is required to file a federal income tax return (i.e. a state-owned hospital or healthcare clinic).
  • Must have provided patient care after Jan. 31, 2020.
  • Must not have permanently ceased providing patient care directly or indirectly through included subsidiaries.
  • If the applicant is an individual, must have gross receipts from providing patient care reported on Form 1040, Schedule C, Line 1.

The applicant must upload documentation to the portal (income tax returns, payroll tax returns, FTE worksheet provided by HHS). The deadline to submit an application is July 20, 2020. Go online to this article on NashvilleMedicalNews.com for links to instructions and the application.


Lucy Carter, CPA, is a member and practice leader for the Healthcare Industry Team at KraftCPAs, PLLC. A well-known industry expert, Carter has more than 35 years of experience working with healthcare providers and executives. For more information, go online to KraftCPAs.com

WEB:

HHS Information on Provider Relief for Safety Net, Medicaid & CHIP Providers

Application Instruction

Application Link

Kraft Healthcare

 
Share:

Related Articles:


Recent Articles

New Study Identifies Gaps in Treatment for Opioid Use Disorder as Overdose Emergencies Soar

Opioid overdose deaths have reached record highs and emergency physicians have a vital role in potentially saving these patients by prescribing Medication Assisted Treatment (MAT) such as buprenorphine, and by prescribing naloxone, a rapid-acting medicine to reverse an overdose.

Read More

HealthStream Acquires Rievent Technologies

Leveraging its hStream open architecture, HealthStream expands its ecosystem with a powerful continuing education management and delivery application

Read More

INTERNATIONAL VOLUNTEER DAY: LOCAL PEDIATRICIAN TERRI WHITE DEDICATES TIME TO HELP CHILDREN WORLDWIDE

International Volunteer Day is a global celebration of volunteers. It takes place every year on December 5 to shine a light on the impact of volunteer efforts everywhere.

Read More

Tivity Health Takes Meaningful Steps to Keep Seniors Engaged, Connected

At first glance, SilverSneakers might appear to be 'just' a fitness class ... but dig a bit deeper, and it's clear this class is actually a community keeping participants active and engaged.

Read More

AMA Adopts Policy to Combat Public Health Disinformation by Health Care Professionals

New policy aims to address spread of rampant disinformation amid COVID-19 pandemic

Read More

AMA Adopts Policy Aimed at Strengthening U.S. Public Health Infrastructure, Opposing Limits Placed on Public Health Officials

New policy calls for consistent, sustainable funding, a robust public health workforce, and data modernization

Read More

Managing Risk of Cyber Incidents

Cyber threats are here to stay -- and they continue to be one of the topics keeping senior management up at night. With breaches and ransomware attacks still occurring at high rates, the healthcare industry continues to be significantly impacted.

Read More

American Cancer Society, Meharry Team Up to Change the Narrative

Meharry Medical College is one of four HBCUs partnering with the American Cancer Society.

Read More

Navigating Cancer Care

Nashville startup Thyme Care is proving to be an innovator in the cancer navigation space.

Read More

ONcology Rounds

New treatments, research and leadership - Middle Tennessee has a lot going on in oncology care.

Read More

Email Print
 
 

 

 


Tags:
CHIP, Coronavirus, COVID-19, Healthcare Finance, KraftCPAs, Lucy Carter, Medicaid, Provider Relief, Safety Net Hospitals
Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: