Healthcare Provider Relief Fund Additional Payments
The recently passed CARES Act, signed by President Trump, provides $100 billion in relief to those in the healthcare industry who are helping battle the Coronavirus crisis. The Provider Relief Fund under the CARES Act, allocates $50 billion for general distribution to Medicare facilities. As of Friday April 24th, $30 billion of the $50 billion fund was already distributed to healthcare providers in proportion to their Medicare Fee for Service payments in 2019. The additional $20 billion is now being distributed to those that received payments from the initial distribution. Unlike the initial distribution, providers must apply to receive these funds and supply a limited amount of information.
MNMW would like to highlight a few facts about this second distribution of funds:
- Providers that received the initial distribution are eligible for these additional funds.
- Providers must attest to the first payment received and agree to the terms and conditions before applying for the second round of funds. You can find the attestation link here.
- To apply for additional funds, you will use the Provider Relief Fund Application Portal. You can find it here.
- Providers will need to supply the information below:
- Gross Receipts from the most recently filed Federal Income Tax return
- Estimated lost revenues for March and April 2020 due to COVID-19
- A copy of the most recently filed Federal Income Tax return
- Taxpayer Identification Number (TIN)
- Distribution of funds are expected within 10 business days of the application submission
- Like the initial payments, the additional funds are not meant to be repaid, provided certain terms and conditions are met. The terms and conditions can be found here.
Our government is working to provide relief options to our citizens and our economy. When rolling out these packages, please know that sometimes the details are still being finalized and changes can occur. MNMW recommends working with a healthcare attorney who is knowledgeable with the CARES Act and the Provider Relief Fund to ensure that all terms and conditions are met. While relief is needed it is best to make sure to understand all facts and implications of accepting any government stimulus funds.
Our team at MNMW is working constantly to bring you the most recent news and updates related to the COVID-19 crisis that could impact you and your loved ones. In a continuing effort to maintain the health and safety of our valued clients, our team, and the community and to cooperate with the advice of health officials, MNMW lobbies in Fort Myers and Naples will be closed to the public until further notice.
For more information you can visit our MNMW Coronavirus (Covid-19) Resource page with the button below or call in at (239) 433-5554.