Funding for COVID-19 seems to get more and more confusing, there’s new rules and additions to each funding program almost daily. Or at least it seems daily. It can be a challenge for your practice to keep up with the funding and payments that are all being dispersed, so we have created a breakdown for you to evaluate what could be best for your practice.
The Centers for Medicare and Medicaid Services (CMS) have approved over a total of $59 billion in payments to Part A Providers with more than 21,000 accelerated payment applications. CMS has advanced over $40.4 billion in payments to Part B suppliers with 24,000 applications. CMS is no longer accepting any new applications for the time being, but is still processing all applications pending before their announcement on April 26, 2020.
CARES Act Provider Relief Fund
The United States Department of Health and Human Services (HHS) released $30 billion in March. Then began processing $20 billion more in Coronavirus Aid, Relief, and Economic Security (CARES) Act Provider Relief Fund to assist providers with combatting the pandemic on April 24, 2020.
CARES Act Paycheck Protection Program
On April 16, 2020, the Small Business Administration provided $349 to the Paycheck Protection Program (PPP). On April 24, 2020 there was an additional $310 billion provided to the Small Business Administration to continue the PPP.
$50 billion is being paid to Medicare providers for COVID-19 assistance, yet there is more money under the CARES Act being dispersed.
The HHS website has a Provider Relief Fund page that designates part of the money from the CARES Act is being distributed to:
- $400 million to Indian Health Service facilities
- $10 billion to Rural Health clinics and hospitals
- $10 billion to hospitals in COVID-19 high-impacted areas
- Undisclosed amount to providers treating uninsured patients
- Undisclosed amount for other provider settings