New COVID-19 Relief Package

New COVID-19 Relief Package

Congress has passed another COVID relief package.  This legislation is currently sitting on the President’s desk waiting his signature.  Below you will find some highlights that have been included in this relief package.  Currently the legislation is influx, we will send out a summary of it once it has been finalized and signed by the President.  This relief package is smaller in size than any other that has been passed.  Currently the total is about $900 billion.

Paycheck Protection Program

PPP got a re-up both in funding and expanded to allow second draw loans for organizations who got a loan earlier this year but can demonstrate loss in revenue (by 25%+). 

CARES Funds

States have an extra year, until 12/31/21, to use the Coronavirus Relief Fund CARES dollars. So no new money, but existing dollars won’t expire next week as scheduled. 

PACE

The Medicare sequester (2% rate cut) was suspended through March 31. This was going to kick back in as of January 1 and applies to PACE as it does other Medicare billers. 

Provider Relief Fund

The provider relief fund unfortunately did not get much new funding on this bill. Here is an article from Nicole Fallon at LeadingAge National with updates on that: https://leadingage.org/legislation/congress-adds-provider-relief-and-clarifies-lost-revenues.

 Please stay tuned on this.

 

Questions?

Contact:

David Carter | Director, Health Care Finance & Policy

C 360.888.5702

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