In addition to the Bulletin: ACS COVID-19 newsletter we are sending to members, we are also rapidly sharing information related to your practice as we have it. To that end, the ACS Washington team has identified information regarding the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on Friday, that provides some pathways for physicians to obtain financial assistance for their practices. We know many of you want to apply for this assistance if you are experiencing financial strains on your practice related to COVID-19.
First, the Centers for Medicare and Medicare Services (CMS) has recently expanded the Accelerated and Advanced Payment Program. Surgeons and others may request advanced Medicare payments to address cash flow issues based on historical payments. More information about this program can be found here and here.
In addition, relief for small businesses, including those run by physicians, was included in the $2 trillion CARES Act legislation. The provisions include the appropriation of $562 million for Economic Injury Disaster Loans to ensure that the Small Business Administration (SBA) has adequate resources to assist businesses in need.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support designed to help overcome the temporary loss of revenue. In response to the COVID-19 pandemic, small business owners in all fifty states, Washington, DC, and U.S. territories are eligible to apply.
The CARES Act clarified that eligibility would be for those businesses of 500 employees or less at each business location.
Fellows may learn more about Economic Injury Disaster Loans and find the appropriate applications here.
ACS continues to support all our surgeons who are serving their communities in the COVID-19 crisis and curtailing their normal clinical practices. ACS continues to remind the White House, Congress, the Department of Health and Human Services and CMS to support our surgeons so that when we recover from COVID-19, our surgical practices will recover, too.
Director, Division of Advocacy and Health Policy (DAHP)
Patrick V. Bailey, MD, FACS
Medical Director, Advocacy, DAHP
Frank Opelka, MD, FACS
Medical Director, Quality and Health Policy, DAHP
David B. Hoyt, MD, FACS
Executive Director, ACS