SBA Disaster Loans for Independent MD/DO's

[drusso]

Today's the day to get them in.

Coronavirus: Bay Area medical practices face uncertain future as patients disappear

While it may seem counterintuitive during a medical crisis, many people who work in...

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[pmrmd]

I'm going to look at it for sure. I can float everything but money with debt forgiveness is enticing.

 

[lonelobo]

will see if it happens today....most banks still working out kinks

 

[geauxg8rs]

will see if it happens today....most banks still working out kinks

I think only a couple of big banks are getting them in. Probably sitting out all private practice clinics. Letting the hotel chains in first

 

[10KHertz]

Apparently you need to have a business account, credit card, AND prior loan with the bank to be in round one...

 

[lonelobo]

Have all those..... most banks just are not set up for these yet

 

[10KHertz]

Have all those..... most banks just are not set up for these yet

My accountant said these loans are going to be a nightmare to initiate, process and eventually forgive . Let’s see

 

[bronchospasm]

It is called payment protection plan.

Applied on Friday. A simple process. Would be happy to share the forms etc. if anybody needs them. Best bet is to call your rep at the bank who will facilitate it for you.

Basically you take your payroll and multiply by 2.5 after deducting anybody salary more than 100 Thousand dollars. This is initially given as a loan with no interest for six months. Down the road you have to show proof of payroll and that you have not fired anybody to get most of this amount written off by the government. Any amount that is not written off will be provided as a loan for 10 years

 

[NJPAIN]

It is called payment protection plan.

Applied on Friday. A simple process. Would be happy to share the forms etc. if anybody needs them. Best bet is to call your rep at the bank who will facilitate it for you.

Basically you take your payroll and multiply by 2.5 after deducting anybody salary more than 100 Thousand dollars. This is initially given as a loan with no interest for six months. Down the road you have to show proof of payroll and that you have not fired anybody to get most of this amount written off by the government. Any amount that is not written off will be provided as a loan for 10 years

Is the salary of $100k ineligible entirely for payroll protection or just the amount above $100k?


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[Sig123]

Is the salary of $100k ineligible entirely for payroll protection or just the amount above $100k?


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Just the amount over 100K.

So everybody on payroll qualifies for up to 100K on an annualized basis.

 

[lonelobo]

The payback on the unforgiven portion is 2 years not 10 yrs and went from 0.5% to 1% ....changes that were made hours before the start of program last Thursday night

 

[lonelobo]

From Wells Fargo

Small Business Administration Paycheck Protection Program
We know that these are tough times, and we’re committed to helping you get through this. We announced on April 5, 2020 that Wells Fargo is targeting to distribute a total of $10 billion to small business customers under the requirements of the Paycheck Protection Program (PPP) and will focus on serving two segments: nonprofits and small businesses with fewer than 50 employees.
We have received forms from customers expressing interest in the PPP that we expect will fill the company’s capacity to lend under the program, as Wells Fargo continues to operate under existing asset cap limitations. Given the exceptionally high volume of requests we have already received, we will not be able to accept any additional requests for a loan through the Paycheck Protection Program. We will review all expressions of interest submitted by customers via our online form through April 5 and provide updates in the coming days.
We have also announced that fees generated through the program will be quickly returned to small businesses as charitable grants to non-profits that support small businesses, which is a focus of Wells Fargo’s philanthropic efforts.

 

[10KHertz]

Anybody hear from BOA yet? Curious .

 

[PAINISGOOD]

Anyone get the 10k upfront yet for the disaster loan?

 

[PMR2008]

I applied right away. No 10K yet. it said up to 10k.

 

[lonelobo]

Anyone get the 10k upfront yet for the disaster loan?

Applied Friday...no 10 K yet it said 3 days .....will see

 

[lonelobo]

Last night Treasury dept just clarified benefits portion of PPP loan.....big deal if you have things like defined benefit plans

 

[Multimodal]

My accountant said these loans are going to be a nightmare to initiate, process and eventually forgive . Let’s see

just like all those student loans the dept of Education was supposed to forgive....

 

[10KHertz]

Verma of CMS stayed 70% of accelerated Medicare payments were made and a second round for less essential practices will be addressed. I guess we are in the second round.

No Further 10k disaster loan or SBA progress as well.

just a community update...

 

[Doctodd]

just like all those student loans the dept of Education was supposed to forgive....

say bye with Bernie to free education.

 

[jsaul]

say bye with Bernie to free education.

is this a surprise to you? did you think bernie was going to win and did you think free college education was going to pass through both houses of congress?

 

[PAINISGOOD]

Verma of CMS stayed 70% of accelerated Medicare payments were made and a second round for less essential practices will be addressed. I guess we are in the second round.

No Further 10k disaster loan or SBA progress as well.

just a community update...

I received accelerated medicare payments today..

 

[10KHertz]

I received accelerated medicare payments today..

great.

Now we need Hero Funds (25k) ....jk

 

[CATS22]

I received accelerated medicare payments today..

When the deposit hit your bank what did the description say? We received a payment this morning with the description of US HHS Stimulus TRN *****
We applied for the SBA PPP loan but this was not completed until yesterday as the banking institution we have a relationship was slower to act (Not B of A). We did not apply for the Medicare advanced payment program. What did you have to do to apply for this? I assume you had to sign paper work and such...
Thanks for your insight

 

[PAINISGOOD]

When the deposit hit your bank what did the description say? We received a payment this morning with the description of US HHS Stimulus TRN *****
We applied for the SBA PPP loan but this was not completed until yesterday as the banking institution we have a relationship was slower to act (Not B of A). We did not apply for the Medicare advanced payment program. What did you have to do to apply for this? I assume you had to sign paper work and such...
Thanks for your insight

Woke up to surprise today with US HHS STIMULUS Payment. The email said from optum HHS payment. This does not have to be repaid.

The Medicare Accelerated payment was a simple request form for Accelerated and advanced payments. Payment was through regular Medicare payor. Check with your billers. This does have to be repaid. Medicare will recoup payments after 120 days. And you have 90 days to pay it back starting in August.

PPP still waiting on.

Hope this helps!

 

[Sig123]

Woke up to surprise today with US HHS STIMULUS Payment. The email said from optum HHS payment. This does not have to be repaid.

The Medicare Accelerated payment was a simple request form for Accelerated and advanced payments. Payment was through regular Medicare payor. Check with your billers. This does have to be repaid. Medicare will recoup payments after 120 days. And you have 90 days to pay it back starting in August.

PPP still waiting on.

Hope this helps!

This payment doesn't have to be paid back? I was assuming that this is the accelerated payment that will be recouped in 180 days.

What did your email say?

And if you received a separate Medicare Accelerated Payment, what did that deposit show as in your account?

Thanks!

 

[NJPAIN]

Is it correct that the accelerated payment you had to apply for while the grant money did not require an application?


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[Pain_doc]

So the UHS stimulus was automatically deposited from what I can tell. I did not request it. I had requested the accelerated payment and it was supposed to be deposited today. I thought the stimulus was the accelerated payment (and its 1/3 of the approved amount of the accelerated payment), so I tried to reach medicare to find out why I only received 13 the amount....

So they are different.

 

[Pain_doc]

And the accelerated payment did not materialize...

 

[10KHertz]

Sounds like our specialty was adjusted upwards(like Peds, dermatologists) by 35% because we don’t fall under the same formula for other Medicare specialties. I am not sure this extra 35% has to be paid back as implied above. This practice adjustment payment was requested by the AMA 3 days ago.

AMA Asks HHS for 'Immediate' Aid to Ease Clinicians' 'Financial Peril'

Under the AMA-led proposal, every doctor would get a full month's worth of revenue to tide practices over.

www.medscape.com

so confusing. Keep the updates going...

based on these stimulus packages and SBA loans , I am keeping my staff fully employed with benefits.

 

[Doctodd]

From my group......


Early this morning we received a significant sum of money into the Ortho group bank account, that was not expected. Upon more research we have determined it is the HHS stimulus monies that were being discussed not more than a few days ago. NO guidance was sent prior to this money being deposited and no request for it was made. With the help from our compliance team and legal teams we are researching and reviewing EVERY document we can find on this program. This money is IN NO WAY a “no strings attached stimulus for doctors” there are some extremely detailed restrictions on how this money can be used and a massive reporting requirement, that I will have to provide to the DOHHS each quarter, THERE IS even a real concern that it should have only been sent to providers, who are treating COVID-19 patients.

Please give us time to understand this money and how to make it available. You will be getting calls and emails from friends and colleges who all of a sudden got a “Gift” of $xxx,xxx dollars. This is not a gift, this is a seriously screwed up roll out.

 

[PAINISGOOD]

From my group......


Early this morning we received a significant sum of money into the Ortho group bank account, that was not expected. Upon more research we have determined it is the HHS stimulus monies that were being discussed not more than a few days ago. NO guidance was sent prior to this money being deposited and no request for it was made. With the help from our compliance team and legal teams we are researching and reviewing EVERY document we can find on this program. This money is IN NO WAY a “no strings attached stimulus for doctors” there are some extremely detailed restrictions on how this money can be used and a massive reporting requirement, that I will have to provide to the DOHHS each quarter, THERE IS even a real concern that it should have only been sent to providers, who are treating COVID-19 patients.

Please give us time to understand this money and how to make it available. You will be getting calls and emails from friends and colleges who all of a sudden got a “Gift” of $xxx,xxx dollars. This is not a gift, this is a seriously screwed up roll out.

The email I received stated this HHS money that came this morning by surprise and was NOT applied for will NOT have to be paid back. We will have to sign an attestation starting on 4/13 that we received the money.

Medicare accelerated payment has to be applied for AND PAID BACK.

 

[gdub25]

We had money show up in our account today as well. We thought it was our PPP money because the amount was basically the same. Our banker actually called us and said they saw the money but it WAS NOT the PPP money however they weren’t sure what it was. About an hour later they called and said they googled it and read the medscape article posted a few posts above and figured that’s what it was. Deposit was from US HHS like others have mentioned here. The article says money was to be 1 months revenue however ours is only about a quarter to a third of our monthly revenue. I called a friend who has a pain practice and he also got money, it was also about a third of his monthly revenue.

 

[PAINISGOOD]

We had money show up in our account today as well. We thought it was our PPP money because the amount was basically the same. Our banker actually called us and said they saw the money but it WAS NOT the PPP money however they weren’t sure what it was. About an hour later they called and said they googled it and read the medscape article posted a few posts above and figured that’s what it was. Deposit was from US HHS like others have mentioned here. The article says money was to be 1 months revenue however ours is only about a quarter to a third of our monthly revenue. I called a friend who has a pain practice and he also got money, it was also about a third of his monthly revenue.

perhaps 1 month medicare revenue only not total. Thats what my deposit reflects.

 

[pmrmd]

Perhaps the monthly Medicare revenue. It is for entities treating or affected by COVID. The ASC was paid also, separately, based on its Medicare revenue.


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[Doctodd]

My group says lots of strings attached to this money.....more info coming

 

[Sig123]

HERE IS THE INFO WE HAVE BEEN LOOKING FOR ABOUT THIS PAYMENT TODAY:

Did a little more research myself. Surprisingly, it does say the funds deposited today are DIFFERENT from the Medicare accelerated payment program.

HHS to Begin Immediate Delivery of Initial $30 Billion of CARES Act Provider Relief Funding

More Info about the CARES Act Relief Fund: See here

And most importantly, THE STRINGS THAT ARE ATTACHED TO THIS.

"If a provider receives payment and does not wish to comply with these Terms and Conditions, the provider must do the following: contact HHS within 30 days of receipt of payment and then remit the full payment to HHS as instructed. Appropriate contact information will be provided soon. "

 

[NJPAIN]

Anyone in a solo practice receive the stimulus payment today?



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[lonelobo]

HERE IS THE INFO WE HAVE BEEN LOOKING FOR ABOUT THIS PAYMENT TODAY:

Did a little more research myself. Surprisingly, it does say the funds deposited today are DIFFERENT from the Medicare accelerated payment program.

HHS to Begin Immediate Delivery of Initial $30 Billion of CARES Act Provider Relief Funding

More Info about the CARES Act Relief Fund: See here

And most importantly, THE STRINGS THAT ARE ATTACHED TO THIS.

"If a provider receives payment and does not wish to comply with these Terms and Conditions, the provider must do the following: contact HHS within 30 days of receipt of payment and then remit the full payment to HHS as instructed. Appropriate contact information will be provided soon. "

I am not clear from way it is written that you have to be treating Covid cases

 

[Doctodd]

Bullets two, three, five, six, seven all concern me

 

[Ligament]

Anyone in a solo practice receive the stimulus payment today?



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No stimulus payment for solo groups, that would prevent us from going out of business, which is not what the gov't wants. Keep big groups and hospitals solvent, kill private practice.

 

[Sig123]

Anyone in a solo practice receive the stimulus payment today?



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I would have assumed you would have received a payment, regardless of solo practice or not, if you are enrolled in Medicare and billed them in 2019.

 

[Sig123]

From an ASIPP email just now:

As President Trump keeps saying there is light at the end of the tunnel with this devastating COVID-19 pandemic. COVID-19 has damaged medical practices and health care - some may say that beyond repair. Some are taking advantage of the situation and using the dictum as Rahm Emanuel said, "Never let a crisis go to waste."

During this time, American Society of Interventional Pain Physicians (ASIPP) has been diligently working both up front and behind the scenes. ASIPP has been working on 2 issues, one to receive higher payments for doctors with S.3559 and second, to enhance the accelerated advanced payment system from Medicare.

This morning, we have two pieces of good news to share with you:

● First and foremost, the most important one is the Department of Health and Human Services (HHS) released the first $30 billion of the Coronavirus Aid, Relief, and Economic Security (CARES) Act Provider Relief Fund. We diligently worked with the Administration and Congress, in conjunction with other societies including the Community Oncology Alliance (COA) and the American Optometric Association (AOA), to ensure that these funds were made available for all providers - not just hospitals.

Practices are already receiving these funds directly deposited into their accounts today. We should all receive them over the next 2 weeks, as you see in the HHS announcement.

The payments are determined by a formula, with providers receiving a portion of the initial $30 billion distribution based on their share of total Medicare fee-for-service (FFS) reimbursements in 2019. It appears that providers will initially get approximately 6.2% of fee-for-service payments..

These are NOT loans, and do not need to be paid back; however, we have to complete the paperwork after a month or so. This will entail practices signing an attestation that they received the funds through a patient portal that will open April 13 upon receipt of the funds.

● The second news is that we have been asking Medicare for higher advances and postponement of the payments.To start after six (6) months and to be paid back over six (6) months instead of three (3) months. The AMA is trying for a one (1) year payback period.

We have received confirmation from Centers for Medicare and Medicaid Services (CMS) Administrator, Seema Verma that they are trying to increase the payments to be initiated after 6 months and the recoupment will last over a period of 6 months; however, they are checking through their legal services. See response letter from CMS.

Thank you to all of you for being helpful, cooperative, and being members of the American Society of Interventional Pain Physicians, the organization you can trust and is working for you day and night.

 

[pmrmd]

Anyone in a solo practice receive the stimulus payment today?
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Yes, me.

I am not clear from way it is written that you have to be treating Covid cases

If you go to hhs.gov and download the terms and conditions it states the money is for practices treating -and affected by- COVID.
Heck, that’s everybody.

 

[lonelobo]

Yes, me.



If you go to hhs.gov and download the terms and conditions it states the money is for practices treating -and affected by- COVID.
Heck, that’s everybody.

Sure like all the other loan programs there will be ongoing revisions...just like EIDL loans that they have changed over the last 24 hrs.......10k advance in 3 days...Ha!

 

[PAINISGOOD]

Sure like all the other loan programs there will be ongoing revisions...just like EIDL loans that they have changed over the last 24 hrs.......10k advance in 3 days...Ha!

Still waiting for Emergency loan 10 days later!

 

[drusso]

Sounds like our specialty was adjusted upwards(like Peds, dermatologists) by 35% because we don’t fall under the same formula for other Medicare specialties. I am not sure this extra 35% has to be paid back as implied above. This practice adjustment payment was requested by the AMA 3 days ago.

AMA Asks HHS for 'Immediate' Aid to Ease Clinicians' 'Financial Peril'

Under the AMA-led proposal, every doctor would get a full month's worth of revenue to tide practices over.

www.medscape.com

so confusing. Keep the updates going...

based on these stimulus packages and SBA loans , I am keeping my staff fully employed with benefits.

It's such a pain in the ass.

 

[10KHertz]

I’m grateful we are seeing something . Usually everybody else gets the goodies and we are left in the gutter...

I received Medicare accelerated payment, HHS stimulus payment, and SBA 7a loan pending . 10k emergency payment MIA.
No tax payments until July.

I prefer to have a vaccine ASAP and see patients .

 

[BobBarker]

I saw someone say their ASC got a payment. I assume hospitals will get a payment on the facility side as well. Could be a huge amount of money. I did a lot of devices on Medicare patients last year.

 

[bronchospasm]

How are payment distributions determined

• Providers will be distributed a portion of the initial $30 billion based on their share of total Medicare FFS reimbursements in 2019. Total FFS payments were approximately $484 billion in 2019.
• A provider can estimate their payment by dividing their 2019 Medicare FFS (not including Medicare Advantage) payments they received by $484,000,000,000, and multiply that ratio by $30,000,000,000. Providers can obtain their 2019 Medicare FFS billings from their organization's revenue management system.
• As an example: A community hospital billed Medicare FFS $121 million in 2019. To determine how much they would receive, use this equation:
  • $121,000,000/$484,000,000,000 x $30,000,000,000 = $7,500,000
    
    
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    Provider Relief | HRSA

    www.hhs.gov