ASCs may be eligible for financial relief under the CARES Act, a nearly $2 trillion stimulus package for small and mid-size businesses, The National Law Review reports.
What you should know:
1. On March 27, President Donald Trump signed into law the Coronavirus Aid, Relief and Economic Security Act. Providing direct financial assistance to Americans, aid to small businesses and employers, economic stabilization provisions, and additional support for healthcare providers, it's the largest relief package in U.S. history.
2. The CARES Act will provide $377 billion in small business loans, as well as $500 billion in loans for distressed companies. A separate $150 billion is earmarked for hospital investments in equipment and infrastructure. It also sets aside payments for states, localities, families and individuals.
3. Assistance for small businesses — defined as those with no more than 500 employees — includes $350 billion in loan forgiveness grants to help businesses maintain staffing levels and cover rent, mortgage and utilities. The remaining $17 billion will cover six months of payments for organizations with Small Business Administrative loans.
4. The CARES Act isn't the only law addressing the COVID-19 pandemic. Earlier in March, lawmakers passed a $104 billion response package providing expanded worker benefits and food assistance for families, as well as an $8 billion package intended to fund medical treatments and testing. Lawmakers are constructing and considering two additional stimulus packages.
Click here for more details on relief packages.
More articles on surgery centers:
11 centers responding to the COVID-19 pandemic l March 20
When will the coronavirus peak? It's complicated
Physicians may no longer need a new license to cross state lines