SBA modifies PPP to support smaller businesses
On Feb. 22, the U.S. Small Business Administration (SBA) announced modifications to the Paycheck Protection Program (PPP). These reforms are meant to target smaller businesses and businesses that have been left out of previous relief efforts. To that effect, SBA instituted a 14-day period beginning on Feb. 24 during which only businesses with fewer than 20 employees can apply for PPP loans. Other changes, set to be implemented by the first week of March, include a revised funding formula for sole proprietors, independent contractors, and self-employed individuals, as well as the elimination of certain eligibility restrictions for those who are delinquent on their federal student loans and those who have non-fraud felony convictions.
Provider Relief Fund: Registration now open for Reporting Portal
The Department of Health & Human Services (HHS) delayed the Provider Relief Fund (PRF) reporting deadline in January and has yet to provide updates as to when reporting will begin for certain recipients of PRF payments. The Department is encouraging providers to register via its Reporting Portal, even though data cannot be submitted through the portal for reporting purposes at this time.
According to the most recent data available, about $26 billion remains in the PRF. HHS has not announced plans on how it intends to distribute remaining funds and is not currently accepting applications for payments. However, group practices can file claims for reimbursement from the PRF for COVID-19 testing, treatment, and vaccination of uninsured individuals.