CARES Act & Financial Relief
There is a lot of information available regarding financial relief. The Wyoming Medical Society is striving to make the information as clear and concise as possible, bringing you information from the best resources we can find. If you have any question, please feel free to reach out to WMS at info@wyomed.org .
CARES Act Overview
  • CARES Act distribution overview, HERE.

  • AAFP key provisions for physicians in CARES Act, HERE.
  • Financial relief
  • Supply shortages/Testing
  • Workforce Support
  • Telehealth
  • Medicare/Medicaid

  • AMA Tips for keeping your practice afloat, HERE.
  • Insurance coverage
  • Business continuity and workflow
  • Digital health tools
  • Employee furloughs
  • And more!

  • AMA Medicare Advance Payment Information, HERE.

DISCLAIMER: The following information is from Crowley Fleck Attorneys. Crowley Fleck prepared these materials for the reader’s information, but these materials are not legal advice. They do not intend these materials to create, nor does the reader’s receipt of them constitute, an attorney-client relationship.
Payroll Protection Program (PPP Loan)
Overview of Payroll Protection Program Created by the CARES Act:
  • PPM designed to provide small businesses (generally under 500 employees) with loans to cover payroll costs (salaries, wages, leave, health insurance, retirement, state and local tax assessed on employee comp for employees with compensation under $100K and rent payments) and other eligible costs

  • Potential forgiveness of a portion of the loan, which includes up to 8 weeks of payments for payroll costs (salaries, wages, leave, health insurance, retirement, state and local tax assessed on employee comp for employees with compensation under $100K and rent payments)

  • Applicable period for 8 weeks is February 15, 2020 to June 30, 2020
  • Loan is not dependent on other credit facilities
  • Businesses need to attest the following:
  •  Company is economically impacted by COVID-19
  • Funds will be used to retain workers and pay rent


PPP Primary Loan Terms:
  • No cost to apply
  • No personal guaranty
  • No collateral
  • Term of up to 10 years
  • No payments for initial 6 months
  • Max interest rate is 4%
  • Max loan amount = 2.5 X the average total monthly payments for payroll costs for the 12-week period beginning February 15, 2019 (generally, other look back periods may apply) and ending on June 30, 2019.

This guide from the U.S. Chamber of Commerce can help you determine how much you may be eligible for.


Conditions for Loan Forgiveness: 
  • Document payroll, health insurance payments and rent payments for prior 12 months for comparison
  • Retain employees and pay rent for the next 8 weeks
  • If you do not fully retain employees there is a proportional reduction in forgiveness
  • Provide documentation evidencing you retained employees and paid rent (payroll filings with IRS and state and proof of lease and health insurance payments)
  • Certification by owners
  • Lender has 60 days to approve or deny forgiveness after submission
  • Any amount forgiven is non-taxable
Economic Injury Disaster Loan (EIDL Loan)
CARES Act impact on EIDL Loans:
  • Emergency Grant: Applicants may request a maximum advance of $10,000 to access a quick infusion of a smaller amount of cash immediately
  • If the applicant is subsequently denied an EIDL Loan the advance may not need to be paid back
  • Self Certification required under penalty of perjury
  • Waives rules related to personal guarantees on advances and loans of not more than $200,000 during the covered period
  • Waives the credit available elsewhere requirement
  • No loan forgiveness
  • If the applicant applied for an EIDL loan for purposes of paying costs not described in the PPM, the applicant may also apply for a PPM loan.


Eligible “Small Employer”: Businesses applying for an EIDL or the PPP generally are eligible if they have fewer than 500 employees. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. The measurement of employees generally includes all of an entity’s domestic and foreign affiliates. 13 CFR 121.103(a)(6). There are certain exceptions to the affiliation rules set forth in the CARES Act for businesses assigned a North American Industry Classification Code (NAICS) beginning with 72 (accommodation and food service) and for certain franchises. Contact your Crowley Fleck attorney if you have questions regarding the affiliation rules. 
Crowley Fleck is FRIEND of WMS. Thank you for you guidance and support!
CARES Act for Doctors/Dentist Zoom
If you don't fully understand the PPP/EIDL loan programs, we invite you to watch the recorded Zoom call from Phillips Accountancy Corporation . The firm does a comprehensive overview and answers questions specific to medical practice.


 
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COVID-19 UPDATES
Governor Gordon Extends Public Health Orders
Governor Mark Gordon and State Health Officer Alexia Harrist, MD, PhD extend public health orders through April 30th and directs a 14-day quarantine for travelers arriving to Wyoming from another state or country. Click below to view the full order update.
CDC Issues New Public Guidance
Breaking: CDC’s recommendation on use of cloth face coverings, especially in areas of significant community-based transmission of COVID-19. Read more at link below. 
Recent studies show that a significant portion of individuals with COVID-19 lack symptoms (“asymptomatic”) and that even those who eventually develop symptoms (“pre-symptomatic”) can transmit the virus to others before showing symptoms.

In light of new evidence, CDC recommends wearing cloth face coverings to slow spread of COVID-19 in public settings where other social distancing measures are difficult to maintain (e.g., grocery stores and pharmacies) esp. in areas of significant community-based transmission. 

Maintaining 6-feet min. social distancing remains important to slowing spread of COVID-19. CDC also advises use of simple cloth face coverings to slow the spread of the virus and help people who may have the virus and do not know it from transmitting it to others. 

Cloth face coverings fashioned from household items or made at home from common materials at low cost can be used as an additional, voluntary public health measure to help slow the spread of COVID-19. 
The cloth face coverings recommended to slow spread of COVID-19 are not surgical masks or N-95 respirators. Those critical supplies must continue to be reserved for healthcare workers and other medical first responders, as recommended by current CDC guidance.
WMS in the News

Watch WMS President David B. Wheeler, MD, PhD in a recent interview as he discusses Telehealth, his press conference with Governor Gordon and messaging for the public.


Listen to WMS Executive Direct Sheila Bush in a recent interview with Wyoming Public Radio as she discusses challenges for physicians during the COVID-19 pandemic.

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