PPP Loan Form Now Available!

PPP Loan Application Form Now Available!

The Small Business Administration (SBA) has made available the loan application for the Paycheck Protection Program, the program intended to incentivize small business owners to keep workers on payroll through the COVID-19 pandemic by offering low-interest loans, which can be forgiven if the borrower keeps workers employed. The application, as well as instructions for filling it out, can be found here. Details for borrowers can be found here.

Please note: It is possible that individual lenders may also have paperwork for you to fill out. Be sure to ask your lender if they do.

The MAC recommends getting this application to your chosen lender ASAP, after you have checked with them on their process.

MAC information on the PPP loan program can be found here. A list of some Michigan-approved SBA 7(a) lenders can be found here. Please note: This may not be all-inclusive of every SBA 7(a) approved lender. Contact your financial institution. CFCU does not currently offer these loans, but they do have other loan opportunities available.

Medicare Advance Payment Program: Another Financial Tool for Chiropractors During COVID-19 Pandemic
Providers Experiencing Financial Hardship Related to COVID-19 Pandemic Can Submit a Request for an Advance Payment Based on a 90-Day Representation of Claims Already Paid

On March 28, 2020, the Centers for Medicare & Medicaid Services (CMS) announced an expansion of its accelerated and advance payment program for Medicare participating health care providers and suppliers, to ensure they have additional financial resources to combat the 2019 Novel Coronavirus (COVID-19). CMS recognizes that there has been significant disruption to the healthcare industry, with providers being asked to delay non-essential procedures, healthcare staff unable to work, and disruption to billing, among the challenges related to the pandemic. The expansion is part of the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act.

According to WPS Medicare, the Medicare Administrative Contractor for Michigan, Part B providers are eligible for the advance payment program, which provides emergency funding and addresses cash flow issues based on historical payments when there is disruption in claims submission and/or claims processing. These expedited payments are typically offered in natural disasters to accelerate cash flow to the impacted health care providers and suppliers. In this situation, CMS is expanding the program for all Medicare providers throughout the country during the public health emergency related to COVID-19.

To qualify for accelerated or advance payments, the provider or supplier must:

Have billed Medicare for claims within 180 days immediately prior to the date of signature on the provider’s/ supplier’s request form
Not be in bankruptcy
Not be under active medical review or program integrity investigation, and
Not have any outstanding delinquent Medicare overpayments.

WPS Medicare will start accepting and processing Advance Payment Requests immediately. CMS anticipates that the payments will be issued within seven days of the provider’s request.

Additional Information

Most qualified providers will be able to request up to 100% of the Medicare payment amount for a three-month period.
Repayment of advance payments will begin 120 days after the date of the issuance of the payment.
An informational fact sheet and how to submit a request can be found here.
The WPS Advanced Payment Certification page can be found here.
The WPS Advance Payment Request Form can be found here.
Send the completed form, as well as questions relating to the advance payment request, to AccAdvPymtReq@wpsic.com.

Points to Remember
MAC Insurance Relations Director Carl Alden offers these thoughts on the Advance Payment program:

This is a LOAN that will have to be repaid.
In 120 days, you will have to start paying back Medicare Advance Payments from payments you receive from them.
Make sure that you are not trading cash flow problems now, for cash flow problems down the road. There may be better options out there (Paycheck Protection Program loan, SBA Economic Disaster Loan, etc.).
If cash flow doesn’t allow for timely pay back after 120 days, at some point (we are not sure exactly when), Medicare could ask for a lump sum check.

Source: CMS

Disclaimer: The Michigan Association of Chiropractors is a professional association advocating for the rights of chiropractors and their patients across the state of Michigan. We are NOT a state agency or regulatory body. We are merely informing our membership regarding what they are allowed to do during this difficult and confusing time.

The information we provide during this pandemic is derived in conjunction with our governmental relations and legal experts, developed after examination of all official releases of information from the State of Michigan and in consultation with said experts and representatives from state government. Please refer to our emails and website for the latest information, free from speculation and the rumors currently circulating in the wake of official state actions.

Rest assured that we will continue to advocate for the profession at the highest levels, with the health and well-being of you and your patients, as well as the overall stability of the health care system, foremost in our efforts.