Rheumatology practices are being hit hard by the COVID-19 pandemic. The sustainability of practices is being threatened and patient access to care is being reduced. The $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act has numerous provisions that bring much-needed support to physicians and their practices. This includes $100 billion for healthcare providers, including physician practices, to cover the costs of treating COVID-19 patients, for revenue losses resulting from the pandemic and forgivable loans of up to $10 million to cover payroll and overhead costs.
The Paycheck Protection Program within the newly enacted stimulus package provides forgivable federal loans to small businesses, including physician practices, with no more than 500 employees. Funds can be used to help retain workers, maintain payroll and cover rent/mortgage/utility expenses.
