Please note that the resources listed below are intended to provide a summary of options available to physician practices and do not constitute legal or financial advice. You should consult with your individual attorney and/or accountant when pursuing these options.
Paycheck Protection Program (PPP)
Click here for more information on the Paycheck Protection Program. If you have additional questions, your accountant or bank should have more information.
- SBA offers loans to help cover fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact
- Loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).
- Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
- Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time head count declines, or if salaries and wages decrease.
- This loan has a maturity of two years and an interest rate of .5%.
Small Business Administration Disaster Loans
Click here for more information on Small Business Administration (SBA) Economic Injury Disaster Loans. If you have additional questions, your accountant or bank should have more information.
- SBA offers loans of up to $2 million to help cover fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
- Loans offer long-term repayments, for up to 30 years, and interest rates of 3.75% for small businesses and 2.75% for nonprofits.
- Terms are determined on a case-by-case basis, based on each borrower’s ability to repay.
UPDATE: Provider Relief Fund and Medicare Accelerated Advance Payments
- On April 10, CMS released an initial $30 billion under the Provider Relief Fund to clinicians and facilities based on their 2019 Medicare payment and is in the process of releasing an additional $20 billion based on providers’ share of the overall 2018 net patient revenue. Some providers will automatically receive additional payments, while others may be required to submit additional revenue information.
- On April 24, a portion of providers automatically received an advance payment based on the revenue data they submit in CMS cost reports.
- Providers without adequate cost report data on file will need to submit their revenue information to the General Distribution Portal for additional general distribution funds.
- Any provider who receives funds from the second allocation must sign an attestation confirming receipt of funds and agree to terms and conditions. Click here to sign the attestation and accept the Terms and Conditions
- UPDATE: Beginning on April 26, 2020, CMS will no longer accept new applications for the Advance Payment Program (APP) from the Provider Relief Fund and has effectively paused the program. The American Medical Association recently penned a letter to CMS urging the agency to reinstate the program, address the inadequate funding to practices that primarily serve Medicaid patients, extend the repayment timeline for physicians who received money through the AAP, and eliminate the interest on APP funds. You can read that letter here.
- See this updated fact sheet for more information about the changes and background on the Medicare Accelerated and Advance Payments Program.
Indiana Economic Development Corporation COVID-19 Business Resource Center
Click here to view the Indiana Economic Development Corporation COVID-19 Business Resource Center. Resources include:
- SBA Disaster Loans for Small Businesses
- Indiana Small Business Development Center
- No-cost business advising for entrepreneurs and small businesses.
- Advisors available to provide free advising and disaster relief loan application assistance for those impacted by the COVID-19 pandemic.
- New contracting opportunities with FEMA
- Supplying products or goods to aid in FEMA’s efforts: The Indiana Procurement Technical Assistance Center (PTAC) offers free counseling and contracting assistance to Indiana small businesses.
- Free webinars to address ongoing COVID-19 concerns
- Program participants will be invited to daily lunchtime webinars with experts in the following topics:
- Banking, for the step-by-step process of applying for SBA-eligible programs.
- Civic, philanthropic and state emergency-relief resources.
- Employment law, to navigate changes required by new laws.
- Federal emergency relief programs.
- Mental health and wellness resources for small business owners.
- Additional resources
- Unemployment insurance information.
- Latest resources on business, financial and utility assistance.
Unemployment Insurance (Indiana Employers and Applicants)
Click here for the latest unemployment insurance information from the Indiana Department of Workforce Development.
- ONLY for those employers not participating in the Paycheck Protection Program.
- Employers can defer 100% of employer Social Security tax for amounts due from March 7, 2020 through Dec. 31, 2020.
- 50% of the deferred amount is due Dec. 31, 2021.
- 50% of the deferred amount is due Dec. 31, 2022.
Employee Retention Credit
- Applies to employers that are: (1) not participating in the Paycheck Protection Program (PPP); and (2) have 100 employees or fewer OR have 100 employees or more and have furloughed employees whose wages are continued for business closure due to COVID-19
- All qualifying employers are eligible for a credit up to $5,000, representing 50% of the first $10,000 of wages paid this year.
- Employers may take this credit against their current employment tax liability.
- Credits are limited to the total employer Social Security liability for the quarter but reduced by the FFCRA credits taken against those same taxes.
- Limits also apply to Qualified R&D credits and WOTC credit for employment of qualified veterans.
U.S. Department of Labor Temporary Rule: Paid Leave Under the Families First Coronavirus Response Act
Click here for information about recent changes to the Emergency Paid Sick Leave Act and Emergency Family and Medical Leave Expansion Act by the federal Families First Coronavirus Response Act (FFCRA).
Indiana Department of Labor FAQ on Coronavirus
Click here for the Indiana Department of Labor FAQs about on employer/employee rights.
Department of Labor and Revenue Tax Return Deadline Extension
Click here to determine whether you or your business are eligible for the state and federal tax return deadline extension.
AMA/ISMA letter to congressional leaders seeking stimulus support for physician practices