VGM & ASSOCIATESHealthcare MSO

Senate Passes The COVID-19 3.5 Emergency Relief Bill

Published in Member Communities on April 21, 2020

This afternoon, the Senate passed, by unanimous consent, the $484 billion agreement to deliver more pandemic aid to small businesses and hospitals in addition to federal, state, and local coronavirus testing. The House is expected to return Thursday for an in-person vote.

The measure — originally meant to serve as an “interim” small business fix before lawmakers embarked on negotiations for another trillion-dollar-plus relief package — will provide $350 billion for the depleted Paycheck Protection Program (PPP), according to a summary of the legislation. Click here to see the full bill language. Separately, the bill increases the authorization level for the program by $310 billion.

Specifics:

  • $310 billion unrestricted for PPP
  • $60 billion in PPP set aside for smaller institutions (banks and credit unions)
    • $30 billion for assets less than $10 billion
    • $30 billion for assets between $10 billion and $50 billion
  • $50 billion for EIDL loans
  • $10 billion for EIDL Advance grants 
  • $2.1 billion for SBA administrative expenses

Health

  • $75B for hospitals (same language as PHSSEF from CARES)
  • $25B for testing [$11B of this will be distributed to states; the rest will go to CDC, BARDA, FQHC, NIH, NCI (they are doing the serology work), and others for research, development, and deployment of testing.]

This is great news for DMEPOS suppliers as it means additional funding availabilities. We’ve heard from many of you that have not received PPP funding from your bank. 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. 


comments powered by Disqus

Get Connected

Stay up-to-date on the latest resources and news provided by VGM & Associates.

Sign Up for Email

From Our Experts

Why Are Respiratory Clinical Outcomes Becoming So Important? thumbnail Why Are Respiratory Clinical Outcomes Becoming So Important? Outcomes has been a buzzword in the industry for several years. But why are outcomes in the home respiratory care space becoming so important? The Importance of Training Techs in the Complex Rehab Industry thumbnail The Importance of Training Techs in the Complex Rehab Industry Worker shortages are prevalent in every sector of the economy; the complex rehab technology (CRT) industry is no exception. ATPs as well as repair technicians are in short supply. But what is being done to help address both of these needs? Training is one of the answers. Oxygen Talk with Ronda Buhrmester - All Things NCD Memos and PHE Waivers thumbnail Oxygen Talk with Ronda Buhrmester - All Things NCD Memos and PHE Waivers We chat with Ronda Buhrmester, Senior Director of Payer Relations and Reimbursement at VGM Government Relations about the changes coming to the oxygen equipment medical policy and how the renewed PHE continues to impact waivers. A Deep Dive into the “Competitive Bidding - A Decade Focused on the Wrong Prize the Case for Medicare Investment in DME in 2021” Study thumbnail A Deep Dive into the “Competitive Bidding - A Decade Focused on the Wrong Prize the Case for Medicare Investment in DME in 2021” Study In today's episode of Industry Matters we talk with Brian Leitten, CEO of Leitten Consulting, John Gallagher, VP VGM Government Relations, and Mark Higley, VP VGM Regulatory Affairs about an updated study, “Competitive Bidding - A Decade Focused on the Wrong Prize the Case for Medicare Investment in DME in 2021." VGM's Jim Walsh Retires as General Counsel thumbnail VGM's Jim Walsh Retires as General Counsel VGM Group, Inc., announced today its general counsel, Jim Walsh, has retired as of December 31, 2021. Walsh will remain involved with VGM as an advisor to the senior leadership team and chairman of the board of directors. Branding Matters. A Lot. To Your Customers and Your Bottom Line thumbnail Branding Matters. A Lot. To Your Customers and Your Bottom Line Your company's brand is the most valuable business asset you own. Branding is the single most important thing you can do to positively affect your revenue. As you begin planning for 2022, give these two things a little love, and your business will grow significantly. Branding Matters. A Lot. To Your Customers and Your Bottom Line thumbnail Branding Matters. A Lot. To Your Customers and Your Bottom Line Your company's brand is the most valuable business asset you own. Branding is the single most important thing you can do to positively affect your revenue. As you begin planning for 2022, give these two things a little love, and your business will grow significantly. Branding Matters. A Lot. To Your Customers and Your Bottom Line thumbnail Branding Matters. A Lot. To Your Customers and Your Bottom Line Your company's brand is the most valuable business asset you own. Branding is the single most important thing you can do to positively affect your revenue. As you begin planning for 2022, give these two things a little love, and your business will grow significantly.

Give your business an advantage over the competition.

Become a Member