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On May 15, the Small Business Administration and the U.S. Department of the Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions for the application. Join Dr. Jeffrey Michaels for the latest #AskAOA Webinar focusing on details of the PPP loan forgiveness rules.
What: #AskAOA Details of PPP Loan Forgiveness Rules
When: 6 p.m. PT, Tuesday, May 26
Email questions to AskAOA@aoa.org or ask live.
On May 14, AOA sought immediate clarification from the Treasury and the Administration on key aspects of loan forgiveness to ensure that small business owners and independent contractors who have sought relief through the program can better plan for the future. At this already challenging time, program uncertainty is an unacceptable burden on businesses. While the application released on May 15 is critical to understanding the forgiveness process, additional guidance is needed and AOA will continue to work to receive the additional information needed.
You can listen now to the recordings of the AOA's COVID-19 relief webinar part 1 , AOA's COVID-19 relief webinar part 2 and #AskAOA COVID-19 Hot Topics: Practice Reactivation, Telehealth and Relief Efforts for Doctors of Optometry webinar. Slides for part 1, part 2 and hot topics are also available. The sessions, led by Dr. Jeffrey Michaels, provides doctors of optometry with an update on details of CARES, 7(a) loans, updated rules for Families First Act and more.
SBA began accepting applications on April 27 at 10:30 a.m. ET, from approved lenders on behalf of any eligible borrower. If one has already applied for a PPP loan, they should check with the lender to determine if action is needed. Most lenders are not requiring applicants to refile. For help finding a lender, click here.
The AOA will continue advocating for further physician-specific relief. Find more about S. 359/H.R. 6365 at AOA's Legislative Action Center.
The AOA is also asking advocates to prepare a 30-60 second video message describing the care you're delivering right now and the difference you're making in your community's response to the pandemic, including by easing burdens on local hospitals. Forward the video to Advocacy@AOA.org to ensure that it will be delivered directly to your legislators.
Doctors of Optometry who billed Medicare in 2019 began receiving payments from HHS in early April, stemming from a $100 billion provider relief fund outlined by the CARES Act. The money provided by HHS is not required to be repaid.
Doctors are required to accept the Terms and Conditions of the funding within 30 days of receipt of payment via the CARES Act Provider Relief Fund Payment Attestation Portal and should document how this money is spent. The funds may be used either for health care-related expenses or for lost revenues that are attributable to COVID-19 and aren't exclusively for hospitals or practices directly engaged in patient care of confirmed COVID-19 cases.
Signed into law March 27, 2020, the CARES Act included the AOA-backed provision to create a new, $100 billion fund for provider relief. But, soon after its enactment, stakeholders urged earmarking funds for purposes other than Congress intended. The AOA not only worked with legislators to ensure the funds would be directed to frontline providers, including Doctors of Optometry, but also delivered a letter to HHS urging the direct payments.
HHS is distributing additional relief funds in accordance with AOA-backed provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES). Action is needed to access the funds: