CARES Act – Financial Relief Sections Applicable to Health Care Providers
A bipartisan agreement for the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), commonly referred to as Phase 3 of the federal government’s response to the coronavirus outbreak, was passed by the Senate on March 25, 2020. Key among its provisions are opportunities for health care providers to apply for financial relief. This chart summarizes the key financial relief sections that are applicable to health care providers, including (1) a $100 billion fund to reimburse certain providers for health care-related expenses or lost revenues; (2) an SBA 7(a) Paycheck Protection Program to provide no-fee loans to small businesses and 501(c)(3) non-profit organizations; (3) an expanded accelerated Medicare payment program (as further supplemented by CMS on March 28) to cover a broader group of providers and suppliers; and (4) a Federal Reserve lending program to provide direct loans to midsized businesses and non-profit organizations.