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

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

Attestation Portal for Round 1 – covid19.linkhealth. com/#/step/1

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

Program FAQs – www.sba.gov/sites/default/ files/2020-05/Paycheck-Protection-Program- Frequently-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.

For an overview of the EIDL Program, visit the following link: www.sba.gov/funding-programs/loans/ coronavirus-relief-options/economic-injury-disasterloan-emergency-advance

Checklist for Financial Guidance for Economic Stimulus Programs:

HHS Relief Payments – Round 1

Received Round 1 stimulus payment

Reviewed Terms and Conditions associated with funds

Completed Attestation Form

Tracking how the money is being used by my company

Preparing for upcoming reporting requirements as necessary

HHS Relief Payments – Round 2

Completed Round 1 attestation form

Completed and submitted application for Round 2

Reviewed Terms and Conditions associated with funds

Tracking how the money is to be used by my company

Preparing for upcoming reporting requirements as necessary

Paycheck Protection Program

Applied for Paycheck Protection Program through bank

Received loan dollars

Tracking how the money was spent (how much for payroll, rent, utilities, etc.)

Maintaining number of employees (rehiring or replacing any terminated or furloughed employees)

Reached out to bank with appropriate documentation of # of employees and how money was used to determine loan forgiveness

Repay any non-forgiven portion of the loan if applicable

EIDL (Economic Injury Disaster Loan)

Applied for EIDL and forgivable grant of up to $10,000 through SBA

Received approval and loan/grant dollars

Begin repaying the loan

Uninsured Patient Relief Fund

Enrolled in program

Obtained Optum ID

Verified patients have positive COVID-19 diagnosis and have no insurance

Submitted claims

Received reimbursement