Member Alert April 17: Coronavirus Economic Stabilization Act’s Main Street Lending Program

The Coronavirus Aid, Relief, and Economic Security (CARES) Act established or expanded several programs to assist businesses, including physician practices, that have been severely impacted by the COVID-19 emergency. A subpart of the CARES Act is the Coronavirus Economic Stabilization Act (CESA), which is designed to provide $454 billion in financing to banks and other lenders to make direct loans to businesses. By using a portion of the funds provided by CESA, the U.S. Department of the Treasury and Federal Reserve Board have created the Main Street New Lending Facility (MSNLF), which provides new loans for eligible small to midsize businesses.

KMA has created a guide to the program, available here, as an informational resource for members. KMA expresses no opinion as to the feasibility, applicability, or impact to your particular practice. Physicians should consult with their tax professional to determine if these benefits or others apply to their practice.

Gov. Beshear Outlines Guidelines for Reopening Economy

In close step with guidelines issued by the White House yesterday, Gov. Beshear today outlined the benchmarks Kentucky is adopting toward reopening the state’s economy. The prerequisites include:

  • A 14-day downward trend in the rate of new COVID-19 cases
  • Increased testing and contact tracing capacity
  • Availability of personal protective equipment (PPE)
  • Ability to protect at-risk populations
  • Ability to social distance and follow Centers for Disease Control (CDC) guidelines on large gatherings
  • Preparedness for a possible future spike in cases
  • Status of a vaccine or effective treatment

Gov. Beshear indicated that he hoped some health care services could resume as early as late April or early May, but did not give a specific date.

The guidelines issued by the White House are available here.

“CORONAVIRUS: A Kentucky Update”

KMA begins sponsorship of the KET program “CORONAVIRUS: A Kentucky Update” beginning tonight at 7:30/8:30 p.m. The program, hosted by Kentucky Physicians Leadership Institute graduate Wayne Tuckson, M.D., will air each Friday through May 8, and also includes a town-hall style forum that airs April 20. The Association will receive two 15 second spots at the beginning and end of each program. 

Submit Your Story for KMA’s “In Your Own Words”

KMA is sharing the first-person accounts of physicians from across the state as they prepare for and battle the COVID-19 pandemic through its Member News Alerts, on social media, and at kyma.org/covid19. KMA is currently calling for additional submissions. If you are interested in submitting an account, please email Emily Schott, schott@kyma.org.