Resources for Small Businesses During COVID-19
Listed on this page is several different resources that may be helpful for you and your practice during the COVID-19 pandemic. Feel free to use the hyperlinks or web addresses that may be most helpful to you. We are here to support you in any way that we can; this list will be ongoing and may update as new information arises.
Information about the paycheck protection program that is part of the CARES act:
$100B Hospital and providers package – This is also part of the CARES ACT directed towards hospitals. Details of this program are being communicated soon.
Cares Act Loan Availability - This act permits one to borrow from their own retirement account without penalty. Loan amounts of up to $100,000 are allowed for certain retirement plans. One will have 180 days before any repayment is due. The Act also provides favorable hardship withdrawal terms (deferred taxes over 3 years and abatement of the 10% penalty). Consult your retirement plan administrator for more information.
For detailed information on eligibility criteria and the application process, visit Michigan.gov.
CMS Announces New Repayment Terms for Medicare Loans Made to Providers During COVID-19
New recoupment terms allow providers and suppliers one additional year to start loan payments
CMS announced amended terms for payments issued under the Accelerated and Advance Payment (AAP) Program as required by recent action by President Trump and Congress. This Medicare loan program allows CMS to make advance payments to providers, which are typically used in emergency situations. Under the Continuing Appropriations Act, 2021 and Other Extensions Act, repayment will now begin one year from the issuance date of each provider or supplier’s accelerated or advance payment. CMS issued $106 billion in payments to providers and suppliers in order to alleviate the financial burden health care providers faced while experiencing cash flow issues in the early stages of combating the Coronavirus Disease 2019 (COVID-19) public health emergency.
“In the throes of an unprecedented pandemic, providers and suppliers on the frontlines needed a lifeline to help keep them afloat,” said CMS Administrator Seema Verma. “CMS’ advanced payments were loans given to providers and suppliers to avoid having to close their doors and potentially causing a disruption in service for seniors. While we are seeing patients return to hospitals and doctors providing care we are not yet back to normal,” she added.
CMS expanded the AAP Program on March 28, 2020 and gave these loans to health care providers and suppliers in order to combat the financial burden of the pandemic. CMS successfully paid more than 22,000 Part A providers, totaling more than $98 billion in accelerated payments. This included payments to Part A providers for Part B items and services they furnished. In addition, more than 28,000 Part B suppliers, including doctors, non-physician practitioners, and durable medical equipment suppliers received advance payments totaling more than $8.5 billion.
Providers were required to make payments starting in August of this year, but with this action, repayment will be delayed until one year after payment was issued. After that first year, Medicare will automatically recoup 25% of Medicare payments otherwise owed to the provider or supplier for 11 months. At the end of the 11-month period, recoupment will increase to 50% for another 6 months. If the provider or supplier is unable to repay the total amount of the AAP during this time-period (a total of 29 months), CMS will issue letters requiring repayment of any outstanding balance, subject to an interest rate of 4%.
The letter also provides guidance on how to request an Extended Repayment Schedule (ERS) for providers and suppliers who are experiencing financial hardships. An ERS is a debt installment payment plan that allows a provider or supplier to pay debts over the course of 3 years, or, up to 5 years in the case of extreme hardship. Providers and suppliers are encouraged to contact their MAC for information on how to request an ERS. To allow even more flexibility in paying back the loans, the $175 billion issued in Provider Relief funds can be used towards repayment of these Medicare loans. CMS will be communicating with each provider and supplier in the coming weeks as to the repayment terms and amounts owed as applicable for any accelerated or advance payment issued.
For More Information:
Medicare is also expanding their advanced payment program to cover COVID-19:
Medicare acceleration and advance payment program – This program will accelerate/advance any Medicare claims. Most providers will be able to request up to 100% of the Medicare payment amount for a three-month period, and will pay in advance the 'average' amount of Medicare payments that you receive on a monthly basis up to 3 months. Any repayment to Medicare will begin in 120 days, and you will have up to 210 days for complete repayment.
Small Business Relief Program
Notice regarding application:
Small business disaster loans:
Additional resources for businesses during covid:
Supply donations and procurement:
Small Business Paycheck Protection Program:
For businesses under 500 employees, you may apply for a low percentage loan (1%) from a participating bank (the bank which you do your routine business). The amount of the loan is determined by your payroll and other business expenses. If the proceeds are used to keep employees employed during and through the crisis, any loan amount will be forgiven. Up to 25% of the loan amount may be applied to non-employee expenses (rent, equipment payments, etc.). Applications began to be accepted on Friday 4/3, but most banks were unable to accept such applications due to an incomplete understanding of the program, so most banks will begin accepting applications on Monday 4/6. There is $325 Billion dollars for this program, but it spans all small businesses.
Personal Protective Equipment Needs
Make sure to utilize the state system through local emergency managers; always let your local emergency managers know of your need and the managers will place a resource request into the state system. Local emergency managers can be found at
- Wayne County - email@example.com
- Oakland County - firstname.lastname@example.org
- Macomb County – email@example.com
- Monroe County – firstname.lastname@example.org
- Michigan Economic Development Corporation is also supporting procurement and donations of PPE through Pure Michigan Business Connect. https://pmbc.connect.space/covid19/forms
The Michigan State Medical Society, in partnership with Foresight Group, recently announced the launch of a new website, http://MSMS.org/PPESupplies, to get personal protective equipment and other supplies for Michigan's physician practices. The website will allow physicians and their practices to purchase essential medical supplies, including respirators, face shields, goggles, and gowns.
Community Resources During COVID-19