New Stimulus Bill Adds $75 Billion to COVID-19 Relief
The new legislative package also includes $310 billion in paycheck protection and $60 billion in Economic Injury Disaster Loan relief that HME providers can access.
- By David Kopf
- Apr 22, 2020
A new COVID-19 stimulus package, passed by the Senate and expected to pass in the House, adds $75 billion to the Public Health and Social Services Emergency Fund (PHSSEF) which was established by the previously passed CARES Act that has serving healthcare providers, including HME providers.
Also, the relief bill includes $310 billion to the Paycheck Protection Program (PPP) and adds $50 billion for Economic Injury Disaster Loans (EIDL) and $10 billion for EIDL Advance grants.
A statement from VGM Government Relations called the additional funding via the PPP and EIDL relief “great news for DMEPOS suppliers.”
“We’ve heard from many of you that have not received PPP funding from your bank,” VGM added in its statement. “If you haven’t received any PPP dollars yet, it is recommended that you reach out to your credit union or bank this week to ensure you are first in line to receive these dollars.”
When it comes to accessing the additional $75 billion for the PHSSEF, HME providers must submit an application demonstrating a need for funding, according to a statement from the American Association for Homecare.
“There is no prohibition on funding entities that have already been funded from this account,” the statement read. “However, you cannot be reimbursed for expenses already reimbursed from this or other funds. You will need to demonstrate that there are expenses/lost revenue not covered from the initial payment.”
The full text of the bill can be read at bit.ly/3cDC52Z.
Another economic stimulus bill is expected to follow.
David Kopf is the Publisher and Executive Editor of HME Business and DME Pharmacy magazines. Follow him on Twitter at @postacutenews.