Financial Relief for Surgeons: CARES Act Information
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. Below are resource links and additional information.
Small Business Administration
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.
CMS Accelerated and Advanced 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 on the CMS website and in this fact sheet.
New York City Financial Resources
New York City Employee Retention Grant Program
NYC is offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees. Businesses must be located within the five boroughs of New York City and demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue.
New York City Small Business Continuity Fund
If your business has fewer than 100 employees, you can get up to $75,000 in interest-free loans from the city to cover revenue losses. Businesses within the five boroughs that have experienced at least a 25% reduction in revenue can qualify.
Governor Announces Medical Malpractice Relief
On March 27, 2020 the Governor announced that for a 60 day period, consumers and small businesses experiencing financial hardship due to COVID-19 may defer paying premiums for property and casualty insurance, including auto, homeowners, renters, workers comp, medical malpractice, livery and taxi. No late fees will be assessed and no negative data will be reported to credit bureaus during this time, and late payments will be payable over a one-year period. More details are forthcoming.
Additionally, you may call your malpractice carrier to ask about their additional accommodations for relief, such a reduction to part-time status:
New York Chapter ACS Alerts the Governor
The New York Chapter of the American College of Surgeons continues to mobilize efforts to assist in caring for New Yorkers and reduce the spread of the Coronavirus.
Both the New York State Department of Financial Services (DFS) and Department of Health (DOH) have sent out notifications relating to the Covid-19 outbreak reminding health insurers, physicians and hospitals that New York law requires coverage for telemedicine in the same manner as if care had been provided in an office setting.
New York State Resources
The American College of Surgeons (ACS) is here to help and has put together the following resources to support the challenges you may face as a surgeon.
Headspace is offering all US healthcare professionals, who work in public health settings, free access to Headspace Plus through 2020.You can redeem your subscription using your National Provider Identifier (NPI) and email address.
Free Patient Communication Resources
CDC offers free resources including video, fact sheets, and posters.
AMA - Quick Guide to Telemedicine in Practice (new)
World Health Organization - Coronavirus
Environmental Protection Agency - Registered Antimicrobial Products for Use Against COVID-19