HHS Loans (Income)
Some of you received money from HHS. This probably will be included in income BUT we need to know if the “loan” is forgiven. To date, guidance is needed. The loan forgiveness application is due out any day and should clarify the rules for forgiveness. You will need to apply for the forgiveness. The best and easiest way is to have used the income towards a drop-in patient revenue. For example, if you received $50,000 for HHS and your revenue dropped $100,000, you are eligible for the forgiveness. It becomes more complicated if this is not the case.
Again, we will need to know if the HHS income is taxable or not (if you have to repay it). Please let us know so we can treat it properly on your 2020 tax returns.