Resources
The following resources have been gathered to help you better understand available federal funding programs to assist you during the COVID-19 pandemic. Please review and visit the official U.S. government sites to learn more and to begin the application process.
Resources
The following resources have been gathered to help you better understand available federal funding programs to assist you during the COVID-19 pandemic. Please review and visit the official U.S. government sites to learn more and to begin the application process.
Paycheck Protection Program
The Federal Government recently enacted the Paycheck Protection Program (PPP), which authorizes up to $349 billion in loans to help small businesses cover payroll costs during the crisis. In particular, PPP makes these loans forgivable for otherwise eligible applicants when the following criterial are met:
· Loan proceeds are used to cover payroll costs (capped at $100,000 on an annualized basis for each employee), most mortgage interest, rent, and utility costs over the eight-week period after the loan is made;
· Both employee staffing and compensation levels are maintained;
· Furloughed and laid-off employees are rehired at current salary levels by June 30, 2020.
Economic Injury Disaster Loans
The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters.
To assist during the Coronavirus (COVID-19) pandemic, EIDL can be used to help address financial obligations and operating expenses. The CARES Act prohibits borrowers from taking two loans for the same purpose. Therefore, if you applied for the PPP loan and were approved, those expenses cannot be considered for a loan under the EIDL.
The Small Business Administration is the lender and administrator of the EIDL, which are available to business with fewer than 500 employees.
The maximum loan available through the EIDL is $2,000,000 at an annual rate of 3.75% with a term of up to 30 years. Unlike PPP if specific criteria are met, EIDL does not include a forgiveness provision.
- You will need the following information when you are ready to apply:
Employer Identification Number (EIN)/Taxpayer Identification Number (TIN) - Organization Type – e.g. LLC, S-Corp, etc.
- Gross Revenues for the twelve months prior to January 31, 2020
- Date the practice was established
- Date the current owners took ownership of the practice
- Number of employees as of January 31, 2020
CMC Rent Deferment
Community Medical Centers is reviewing rent/lease deferment programs. For more information, please contact Robyn Tusan at rtusan@communitymedical.org
We Are In This Together
Staff Costs
Assist practice owners navigate recently enacted Paycheck Protection Program designed to help offset costs
100% Forgiven for Qualifying Expenses:
- Payroll Cost
- Mortgage Interest
- Rent
- Utilities
Not Forgiven:
- Decrease in Headcount
- Decrease in Wages by More than 25% for those Making < $100,000 in 2019
- If Loan Is Not Used for Payroll Cost; Mortgage Interest; Rent; or Utilities
Facility Costs
Community Medical Centers is looking into a number of programs to help bridge the gap between federal funding and ongoing facility costs during the novel coronavirus pandemic, for example.
- Loan Programs
- Rent Abatement
Provider / Operating
Expense Costs
While staffing and facility costs are significant financial outlays for your practice site, Community Medical Centers also understands that there are additional expenses your practice site incurs.
We are looking for practice-specific information as it relates to non-facility operating costs, revenue projections, employment levels, etc. that are critical as we develop additional gap-bridging programs.
We Are In This Together
The purpose of this web site is two fold:
Provide a resource for practice owners to better understand available and potential programs offered through the U.S. Federal Government, including the Paycheck Protection Program (PPP).
For practice owners to share with Community Medical Centers important, practice-specific information to help CMC design effective and targeted programs to address any gaps that may arise between federal programs and current operating costs.
The information shared by practice-site owners will be invaluable as CMC designs and finalizes efforts to provide direct and indirect assistance.
The information shared by practice-site owners will be invaluable as CMC designs and finalizes efforts to provide direct and indirect assistance.
In particular, CMC is looking to help practice-site owners address the business disruptions due to the novel coronavirus in three particular areas: