Member Alert April 14: Small Business Administration Paycheck Protection Program

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses, including physician practices, keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), this Small Business Administration (SBA) initiative provides 100% federally guaranteed and forgivable loans to small businesses.

KMA has produced a guide to this program as a resource for physicians, available here. KMA expresses no opinion as to the feasibility, applicability, or impact to your particular practice.

For additional information regarding the PPP loan, please visit the Small Business Administration and the U.S. Treasury Department.

KMA is providing members with resources related to physician financial health during the COVID-19 pandemic. To view and download these guides, please visit kyma.org/covid19

CMS Announces Expanded Coverage for Essential Diagnostic Services

The Centers for Medicare & Medicaid Services (CMS), together with the Departments of Labor and the Treasury, has issued additional guidance on coverage of COVID-19. Diagnostic testing and certain other related services, including antibody testing, will be covered at no cost. This guidance implements the recently enacted Families First Coronavirus Response Act (FFCRA) and Coronavirus Aid, Relief, and Economic Security (CARES) Act, which requires that private health issuers and employer group health plans cover COVID-19 testing and certain related items and services furnished during the COVID-19 pandemic, with no out-of-pocket expenses.

For additional information and to read the full release from CMS, click here.