Contents tagged with SBA loans
By Tom Banning
There is no question that the COVID-19 pandemic has created unprecedented financial pain throughout our health care system. Primary care physicians have seen a drop in patient visits of more than 50%, specialty physicians have seen patient volume evaporate, and hospitals are burning through cash as patients avoid going to the emergency room and non-urgent surgeries and other elective procedures that make up the bulk of hospital revenue have been canceled.
In a Stateline article this week, The Pew Charitable Trusts warns of the “possibility that the non-hospital health system will be decimated, and many of the surviving providers will be ill-prepared to deal with the pent-up demand that emerges from this crisis.” They predict a near future rife with acquisitions and mergers for independent physicians unable to survive months with no revenue.more
By Brian Justice
UPDATE: As of April 16, 2020, the Small Business Administration reports the funds for the PPP loans and EIDL advances have run out. Congress is considering appropriating another $2.5 billion so for now, the program is suspended. We will let you know as soon as we know more. https://www.sba.gov/disaster-assistance/coronavirus-covid-19
The devastating economic impact of the coronavirus pandemic is being felt by medical practices across the country, but help is supposed to be available through the Coronavirus Aid, Relief and Economic Security Act (CARES) for small businesses. The Small Business Administration will oversee the distribution of millions of dollars in grants and loans through the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Grants to help small businesses, like your practice.more