Dear PMAG Physicians,
You might be hearing a lot about what Congress is doing to assist small businesses during the COVID-19 pandemic. Below are some quick facts for you, as of April 2, 2020.
PMAG Leadership strongly encourages you to start the application process for one or more of these loans or grants,
should you need them.
Most of the lenders are still finalizing their process. Information is changing daily. We will try our best to keep your informed.
- For a quick summary of the CARES Act, SBA loans, and Telehealth Updates, you may download APG’s webinar (March 31, 2020) slide presentation here and the recording here.
- Small Business Administration (SBA) also put together an easy-to-read summary for your information.
- You may apply for all the loans and grants below that are related to the CARES Act. However, there is NO double dipping on the loan forgiveness.
COVID-19 Economic Injury Disaster Loan
- Grant is up to $10,000.
- Can be used for payroll, rent, and utility.
- No repayment needed.
- More information, click here.
- To apply for a COVID-19 Economic Injury Disaster Loan, click here.
- Tip: Apply for the loan and then ask for the Advance.
Paycheck Protection Program (PPP) Loan
- Available now through June 30, 2020.
- The SBA and the Department of the Treasury expect to have the PPP running by Friday, April 3.
- U.S. Senator Brian Schatz’s summary page, click here.
- Click here for an SBA PPP loan information and here to download an application.
- Borrower Information Sheet, read more here.
- Loan forgiveness for 8 weeks from loan date.
- Can be used for payroll, rent, utility.
- Need to repay within 10 years. Low interest rate <4% may apply.
XPANSION OF THE ACCELERATED AND ADVANCE PAYMENTS PROGRAM FOR PROVIDERS AND SUPPLIERS DURING COVID-19 EMERGENCY
- Fact Sheet, click here to read more.
- You may request for advance payment for the next 3 months based on your estimated Medicare Fee-for-Service billing amount.
- This is NOT a grant.
- After 120 days of your advance payment, Medicare will start deducting your claims reimbursements to help you repay this Medicare Advance Payment.
PMAG is hosting a webinar to share updates with you. Our special speaker is Leolinda L Lokepa, the President & CEO of Hilopaʻa Family to Family, Inc.; and Associate Director of the Hawaiʻi MCH LEND Program.
Please mark your calendar for
Monday, April 6, at 12:30
and look out for an email invitation forth coming.
We hope you find this information helpful. Thank you for all you do in serving Hawaii’s patients. If you have any questions, please contact:
Donna Mah, MD
PMAG President of the Board
PMAG Executive Director
Gregg Shimomura, MD
PMAG Medical Director