LSMS Signs On To Letter To Sec Azar HHS Emergency FundingLSMS has signed on to a letter requesting Sec. Azar to seek financial assistance for physicians across the country who are taking heroic action to treat patients with the novel coronavirus, providing ongoing care for patients with chronic conditions and urgent needs, and incurring significant financial losses due to postponing non-essential procedures and visits.
While Congress intended to provide relief to physician practices who are suffering financial loss due to COVID-19 by designating funding in the Public Health and Social Services Emergency Fund in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the letter shares additional burdens that aren’t being considered.
Paycheck Protection ProgramLending institutions across the nation began to process applications for the Paycheck Protection Program and Economic Injury Disaster Loans yesterday. This program provides forgivable 7(a) loans that can only be used for business expenses such as payroll, health benefits, rent or mortgage payments, and existing debts. To find a list of approved lenders, click here, where you can search by zip code for lenders near you. Please note that many lenders are accepting applications from established clients only, however others are taking applications from new clients.
Below is a list of documentation that you should be prepared to provide in order for your application to be processed for the Paycheck Protection Program. Individual lending institutions may require additional documents.
- A Completed signed Paycheck Protection Plan Borrower Application Form. Click here to access the loan application.
- One of the following: a.) Most recent four quarters of IRS Form 941 Employer's Quarterly Federal Tax Return, b.) IRS Form 944 Employer's Annual Federal Tax Returns, c.) IRS Form 940 Employer's Annual Federal Unemployment Tax Return
- Payroll reports for 2019, and a payroll report thru March, identifying the following information: a.) The borrower was in operation as of February 15, 2020, b.) The borrower paid salaries and payroll taxes, c.) Information required to calculate the dollar amount of average monthly "payroll costs," d.) Individual employee wages
Click here for US Treasury Department final rules with specific examples and FAQ.
Click here for US Treasury Department interim final guidance for banks.
Economic Injury Disaster Loans from the US Small Business AdministrationIn addition to the Paycheck Protection Program loans, the SBA is taking applications for Economic Injury Disaster Loans to address revenue losses and other business needs related to COVID-19. Low-interest loans with long-term repayment programs are available up to $2 million at a fixed interest rate of 2.75% for non-profits and 3.75% for businesses with specific terms based on your situation. Eligible applicants for an EIDL can receive a $10,000 emergency grant within three days of application.
Click here to apply for a disaster loan online through the SBA.
Click here for instructions for filling out an SBA loan application.
Click here for a guide to the SBA's Economic Injury Disaster Loans.
US Treasury to seek another $200 billion for PPP
Treasury’s request could come as soon as later today, though details remained in flux as policymakers scrambled to evaluate the program’s design. Under some scenarios, Treasury could seek more than $250 billion for the program, but that was still being discussed.
The pending request is being designed to backstop the $349 billion small business loan program that was created as part of the $2 trillion coronavirus rescue bill enacted late last month. Banks and the Small Business Administration have been overwhelmed by applications since the program began operating on Friday, leading President Trump, Sen. Marco Rubio, R- Florida, and others to predict the need for more funds.
We Want to Hear From YOU!
We know that as a physician, you’ve been working extra hard to keep your patients and communities safe amid the COVID-19 outbreak. A big part of that is ensuring that our members stay healthy, too! As a way to help boost morale and fuel continued momentum, we’d like for you to share what you’ve done to stay positive, stay safe and stay healthy. The responses collected will be shared via our social media platforms. Please email LSMS Communications Manager, Shawn Zeringue, at Shawn@lsms.org.
You can find this information on our website, here.
Please recognize it remains a work in progress that we will continue to update as information becomes available. Additionally, at the bottom of the page is a form for you to share information with us or ask questions to which we may be able to help you get answers.