Financial Guidance and Resources For Your Business:
Loans and Stimulus Dollars HHS Relief Payments These funds, regardless of what round of funding they stemmed from, were payments rather than loans, and they do not need to be paid back as long as they were used appropriately. You do need to keep accurate records of when and how the money was used, and there are reporting requirements associated with them. All of the terms and conditions and other guidance and requirements associated with these funds can be found at: www.hhs.gov/coronavirus/ cares-act-provider-relief-fund/index.html, and below are specific links and a brief description of the info that can be found at each one: •
FAQs for the $50B General Distributions Made to Healthcare Providers – www.hhs.gov/sites/ default/files/provider-relief-fund-generaldistribution-faqs.pdf
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Terms and Conditions for Various HHS Stimulus Programs » Round 1 ($30B distribution) – www.hhs.gov/ sites/default/files/terms-and-conditionsprovider-relief-30-b.pdf » Round 2 ($20B distribution) – www.hhs.gov/ sites/default/files/terms-and-conditionsprovider-relief-20-b.pdf » FFCRA Relief Fund – www.hhs.gov/sites/ default/files/terms-and-conditions-ffcra-relieffund.pdf » Uninsured Relief Fund – www.hhs.gov/sites/ default/files/terms-and-conditions-uninsuredrelief-fund.pdf » High Impact Relief Fund – www.hhs.gov/ sites/default/files/terms-and-conditions-highimpact-relief-fund.pdf » Rural Provider Relief Fund – www.hhs.gov/ sites/default/files/terms-and-conditions-ruralrelief-fund.pdf
COVID-19: VGM’s Next Steps Guide
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Attestation Portal for Round 1 – covid19.linkhealth. com/#/step/1
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Application Portal for Round 2 – covid19. linkhealth.com/docusign/#/step/1
Paycheck Protection Program If you applied for and received funding from this program, the funds start out as loans but can be converted to forgivable grants if you can show you used the funds as they were intended to be used. The funding was intended to cover eight weeks of payroll for your staff, as well as other expenses such as rent, utilities, and mortgage interest. Throughout that eightweek period, you need to be documenting when and how you used the money, as well as the number of fulltime employees that you had during those eight weeks (you are supposed to keep your number of employees at the same level you were at prior to the pandemic). At the end of the eight-week period, you need to provide all of that documentation to the bank through which you received the loan, and they will then have 60 days to determine the level of loan forgiveness that you qualify for. Some important links for the Paycheck Protection Program include: •
Overview of entire program – www.sba.gov/ funding-programs/loans/coronavirus-reliefoptions/paycheck-protection-program
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Program FAQs – www.sba.gov/sites/default/ files/2020-05/Paycheck-Protection-ProgramFrequently-Asked-Questions_05%2013%2020_2. pdf
Economic Injury Disaster Loans (EIDL) This long-standing SBA loan program was expanded due to the COVID-19 outbreak to include an upfront grant of up to $10,000 for each applicant. Businesses applying for an EIDL during the pandemic were also eligible to receive a forgivable grant of up to $10,000. While the $10,000 grant is forgivable, the EIDL itself is a traditional loan that does need to be repaid. The interest level for the loan is 3.75% for most businesses, and the length or term of the loan varies. Financial Guidance: Loans and Stimulus Dollars | 17
