July 28, 2020
Senate R’s have introduced a new Paycheck Protection Program proposal as part of the HEALS Act:
Brings C-6’s into eligibility for new round of PPP Loans. (Precludes recipients from lobbying Congress with these funds.)
Does not include eligibility for organization with more than 500 employees.
Continues current additional enhancement of 6.2% FMAP during COVID emergency but does not go further (increase the enhanced rate) as proposed in the House bill. (Current FMAP bump is tied to federal Public Health Declaration which was recently extended for an additional 90 days.)
Extends how long you can use PPP funds (through end of year).
Allows small agencies to go back and take a ‘second look’ and get another PPP loan.
Caveats: Must show you had 50% reduction in gross receipts.
Eligibility limited to no more than 300 employees.
No loan amount beyond $2mil.
$25B set aside for organizations with less than 10 employees.
And on a related note: 1) Regarding existing HHS Provider Relief Funds: HHS has indicated that it will open a new portal for those agencies that did not receive a total of 2% of their gross receipts. Could be as soon as this week. Stand by for more.