Watch the Healthcare Webinar: RELIEF OPPORTUNITIES AVAILABLE FOR HEALTHCARE PROVIDERS IMPACTED BY COVID-19
The COVID-19 pandemic has significantly impacted the fiscal conditions of our businesses prompting mitigating actions to support those directly affected. Specific to the Healthcare industry, there have been vehicles of relief made available to us.
On the April 24th webinar, Sax’s Healthcare Practice and special guest speaker Grace D. Mack from Wilentz, Goldman & Spitzer, P.A. provided an overview on the relief opportunities available to healthcare providers, including the Cares Act Provider Relief Fund and the expansion of the Accelerated and Advance Payment Program. The discussion includes information on the repayment and non-repayment requirements, the legal aspects of the relief opportunities and the terms and conditions that apply.
Here is the webinar recording, the presentation deck and a recent update made to the Provider Relief Fund right after the webinar was held:
Watch the Webinar: RELIEF OPPORTUNITIES AVAILABLE FOR HEALTHCARE PROVIDERS IMPACTED BY COVID-19
*NEW UPDATE TO PROVIDER RELIEF FUND DISTRIBUTION SLIDES (52-53)
Grace Mack provided the following update with respect to the $20 Billion second tranche of the CARES Act Provider Relief Fund referenced in slides 52-53. The update is based on additional HHS guidance issued after this webinar was recorded on Friday, April 24:
The online application portal for the second tranche of the CARES Act Provider Relief Fund has been made available on the HHS website. This included a link to an Online Cares Act Provider Relief Application User Guide and Application. In order to be eligible, providers who have already received payments from the initial distribution of $30 billion need to supply information from IRS tax filings and supply estimates of lost revenues.
Some initial takeaways:
- Currently (as of April 25), the portal is only available to TINs that already received funds under the Provider Relief Fund
- Providers must have submitted the attestation to the Terms & Conditions (T&Cs) for the first payment in order to proceed with this application. They must also agree to the T&Cs as to the second tranche. As a result, providers need to make sure they are in agreement as to those terms. If providers receive a payment from the Relief Fund and retain that payment for at least 30 days without contacting HHS regarding remittance of those funds, they are deemed to have accepted the T&Cs.
- Providers must confirm the amount of first payment
- IRS tax returns need to be attached
- Providers agree to possible HHS audit in future
- The T&Cs provide that the Recipient consents to the Department of Health and Human Services publicly disclosing the Payment that Recipient may receive from the Relief Fund. The Recipient acknowledges that such disclosure may allow some third parties to estimate the Recipient’s gross receipts or sales, program service revenue, or other equivalent information.
- More guidance is necessary
Here are some helpful links:
- Online Cares Act Provider Relief Application User Guide
- CARES Provider Relief Fund Payment Portal
- First Tranche Terms & Conditions
- Second Tranche Terms & Conditions
Our webinars and responses are general guidance without knowing the intricacies of your business. Please find our full disclaimer here.