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AOA provides resources on paths towards financial relief for physicians

By AOA Staff

04.23.20

Based on what we’ve heard from our members, the AOA is providing resources on paths toward financial assistance for physicians. These include two upcoming live CME webinars from the AOIA and an online marketplace created by SoFi, a member value partner, called Lantern on which members can search and apply for loans.

Additionally, the AOA’s Public Policy Team has compiled information related to HHS and the FCC partnering on a $200 million program to support expansion of telehealth to rural and underserved communities.

Free AOIA webinars on financial relief to be held on April 24 and 29

Friday, April 24, at 7 p.m. CT

Federal Financial Relief for Physicians During the COVID-19 Emergency

Learn how to sort through the many federal funding resources available to physicians and their practices during the COVID-19 outbreak. David Pugach, JD, AOA Senior Vice President, Public Policy, will present an overview of the federal resources, the intended use of the funds, eligibility criteria, action required to receive funding, challenges and limitations associated with funding, and any associated obligations. The session will also discuss potential benefits to physicians, their practices, and ability to provide patient care.

Optional AOA Category 1-A CME is available at no charge to AOA members and $30 for non-members.

Register for CME credit through AOA Online Learning, or watch for free, with no CME, on Zoom.

Wednesday, April 29, at 7 p.m. CT

The CARES Act and the Paycheck Protection Program (PPP): Key Considerations for Physicians and Their Practices

The CARES Act establishes a “Paycheck Protection Program” (PPP) for small businesses financially suffering from the COVID-19 crisis. In the health care sector, the PPP may be particularly helpful for smaller physician practices. Join us to learn about the program and the steps you can take to take advantage of the program.

Optional AOA Category 2-B CME is available at no charge to AOA members and $30 for non-members.

Register for CME credit through AOA Online Learning, or watch for free, with no CME, on Zoom.

SoFi builds loans marketplace for physicians

Member Value partner SoFi has built a marketplace for physician practices and other small businesses to easily shop across multiple lenders and compare financial solutions, including those that are part of the SBA Paycheck Protection Loan Program (PPP). Visit the Lantern marketplace today to see what funding options are available to you now.

Information on new COVID-19 funding for DOs

Congressional leaders and the White House have reached an agreement on a deal that will replenish funding for the Small Business Administration (SBA) Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). The agreement includes about $475 billion in new funding.

The Senate approved the package by a voice vote on Tuesday, April 21, and the House is expected to approve it later this week, with President Donald Trump signing it into law soon after.

Physician practices and other eligible entities impacted by COVID-19 are encouraged to act quickly to apply for any funding they may be eligible for as soon as the package is signed into law. Read information on SBA funding mechanisms and eligibility requirements.

The details of the deal

The PPP will have more than $300 billion in new funding, $60 billion of which will be set aside for businesses without existing banking relationships.

In addition to PPP funding, the SBA will receive an additional $60 billion for loans and grants for economic disaster assistance, including $10 billion for EIDL Advance grants. These EIDL grants are one-time $10,000 payments to small businesses impacted by COVID-19.

The funding package will also provide the U.S. Department of Health and Human Services with an additional $75 billion for the Public Health and Social Services Emergency Fund, which has funded the recent Provider Relief Payments.

This funding is to be used to cover eligible health care providers’ health-care-related expenses or lost revenues from COVID-19; cover costs associated with providing COVID-19 testing, diagnosis and care (including suspected cases); and pay for costs associated with building infrastructure or increasing capacity to address the COVID-19 outbreak.

The package also includes $25 billion to support COVID-19 research and testing.