Financial Assistance for Medical Group Practices
The PPP is a Small Business Association (SBA) loan designed to incentivize small businesses to keep their workers on payroll by forgiving SBA loans if the business meets the following criteria, such as: maintaining employee and salary levels, using the loan for payroll, rent, mortgage interest, or utilities. This program is for any small business with less than 500 employees, OSP encourages you to contact your banking/lending institution for details, click here to learn more.
Economic Injury Disaster Loan Emergency Advance
To help small business owners in the U.S. states through the Coronavirus (COVID-19) pandemic are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
Michigan State Medical Society (MSMS) Summary (MSMS, published April 8, 2020)
As the COVID-19 curve rises in Michigan, physicians are struggling to continue their duty to treat patients whose health conditions warrant immediate attention while practice revenue and cash flow trend downward. Click here for a information organized by MSMS of financial assistance opportunities intended to help practices maintain solvency in the short-run.
Provider Relief Fund
As part of the CARES Act that provides $100 billion in relief funds to health care providers the Provider Relief Fund of $30 billion is being distributed immediately. Payments will arrivie via direct deposit beginning April 10, 2020 to eligible providers throughout the American healthcare system. These are payments, not loans, to healthcare providers, and will not need to be repaid.
Oakland Southfield Physicians (OSP) Interventions
OSP is actively working with our health plan partners to advocate for an accelerated release of reward payments. As payments are received, OSP, under the leadership and direction of the Board of Directors, is committed to releasing eligible reward payment to our practices in a timely manner. To learn more about accelerated payments underway, and your specific eligibility please call OSP at 248.357.4048 or click here to email.