Your Weekly News & Updates
MSNJ Member Update - COVID-19
March 24, 2020
Support for Community Based Medical Practices and Clinics
Small Business Administration (SBA) - COVID-19 Disaster Relief
  • Loans available up to $2 million for fixed debt, payroll, accounts payable
  • Interest Rate: 3.75% (non-profit: 2.75%)
  • SBA Customer Service Center: 1-800-659-2955
  • SBA is experiencing delays with on-line applications - Use off hours to apply 7pm - 7am
  • Some users are experiencing issues using Google Chrome. Please use an alternate browser.
 
Required Documentation
The following documents are required to process your application and reach a loan decision. Your Loan Officer and Case Manager will assist you to ensure that you submit the proper documentation. Approval decision and disbursement of loan funds is dependent on receipt of your documentation.
Businesses:
  • Business Loan Application (SBA Form 5) completed and signed by business applicant.
  • IRS Form 4506-T completed and signed by Applicant business, each principal owning 20% or more of the applicant business, each general partner or managing member and, for any owner who has more than a 50% ownership in an affiliate business. (Affiliates include business parent, subsidiaries, and/or businesses with common ownership or management).
  • Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business; an explanation if not available.
  • Personal Financial Statement (SBA Form 413) completed, signed and dated by the applicant (if a sole proprietorship), each principal owning 20% or more of the applicant business, each general partner or managing member.
  • Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).
ADDITIONAL INFORMATION THAT MAY BE NECESSARY TO PROCESS YOUR APPLICATION:
  • Complete copies, including all schedules, of the most recent Federal income tax returns for each principal owning 20% or more of the applicant business, each general partner or managing member, and each affiliate when any owner has more than a 50% ownership in the affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.
  • If the most recent Federal income tax return has not been filed, a year-end profit and loss statement and balance sheet for that tax year is acceptable.
  • A current year-to-date profit and loss statement.
  • Additional Filing Requirements (SBA Form 1368) providing monthly sales figures.
**NOTE: When completing the application, make sure you enter your type of business  AND  click on EIDL and only EIDL under type of assistance you’re seeking. THIS IS THE MAIN REASON BUSINESSES ARE GETTING DECLINED. Also, remember this is a loan. Credit scores, ratings and payment histories will be referenced. Financial issues prior to the COVID-19 pandemic/ impact will be reflected in the approval/ denial of this loan.
Medical Malpractice Update
Yesterday, MSNJ requested that medical malpractice carriers expand coverage to cover services delivered by telemedicine, telephone or other remote means. We also asked that carriers post explicit guidance to their insureds to provide increased flexibility in delivering healthcare services remotely to both existing and new patients during the course of COVID-19 emergency declaration and for a reasonable time after its conclusion. Premium deferrals or forgiveness should also be made to allow practices to reserve cash for continued operations for the next several months.

Today, we update you to let you know that we have heard from the malpractice carriers. Click the button below to find your carrier and the information they are providing to help physicians during COVID-19. Please note: This link will be constantly updated, so please keep checking back.
Continuing Medical Education
MSNJ will request that NJ Attorney General’s Office consider providing an extension for physician’s to earn the Category 1 credit necessary for the 2021 license renewal. This request is made in view that all specialty conferences and meetings across the country have been cancelled for the foreseeable future, as well as most of the CME provided at the hospital level, thus physicians are concerned about finding and participating in appropriate CME activities to earn the required credits before June 30, 2021. 
New COVID-19 Resources and Updates
MSNJ Telehealth Webinar Series:
Part 2: Navigating Telehealth Reimbursement
Wednesday, March 25, 2020 from 12:00pm to 1:00pm
While telehealth has become an acceptable means of delivering health care, how third party payers reimburse telehealth services vary depending on the payer. This webinar will explore the rules and regulations impacting telehealth reimbursement by the Medicare and Medicaid programs and highlight the reimbursement policies of national commercial health plans.
Online Symposium: Managing Covid-19 on the Front Lines
Thursday, March 26, 2020 at 5:30pm
New Jersey COVID-19 Emotional Support Helpline
New Jersey residents feeling the emotional and mental toll of COVID-19 can now get support from NJ Mental Health Care’s (NJ’s behavioral health information and referral service) hotline.

Call 1-866-202-HELP (4357) for free, confidential support. 
Calls will be answered from 8am to 8pm, 7 days a week by live trained specialists.
Request for Personal Protective Equipment (PPE)
If anyone has additional PPE and medical supplies like N95 respirators, gowns, etc., please let us know so we can distribute to hospitals that are in desperate need of them.
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