CARES Act – Practical Considerations for Healthcare Providers

By Freed Maxick on April 2, 2020
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Freed Maxick provides accounting, auditing, tax and consulting services and serves public and private companies, not-for-profits and municipalities to enhance profitability, save taxes, improve accountability and preserve wealth.

CARES Act Blog

Understand available revenue enhancements and funding to recoup expenses and lost revenue related to COVID-19

New call-to-actionThe Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides healthcare organizations with access to relief funds to assist with the financial burden associated with the diagnosis, testing, and caring for individuals with COVID-19. Included in these funds is access to $100 billion for the Public Health and Social Services Emergency Fund which will provide reimbursement to providers for COVID-19 related expenses and lost revenues due to the outbreak. These funds will be made available through grants or other mechanisms necessitating the accurate tracking and reporting of related expenses and lost revenues. Timeliness for submitting for these funds will be key for healthcare providers to secure dollars.

Additional relief will be provided in the form of reimbursement enhancements/cash accelerations, loan options, and tax savings to assist in offsetting the impact of the COVID-19 pandemic.

The absence of timely and clear guidance from HHS, CMS, SBA, and other agencies is already a major challenge. We strongly recommend that every provider immediately review the provisions of the CARES Act to evaluate opportunities that may be beneficial.

Assistance and Guidance from Freed Maxick

The Freed Maxick COVID-19 Resource Center has a wealth of information and guidance on a wide range of topics related to tax relief and benefits, regulatory relief and benefits, and business continuity in the era of COVID-19. Click on the button to explore insights, observations and updates.

If you wish additional guidance, we are available to discuss your issues and concerns. Connect with us here or call Freed Maxick at 716.847.2651.

Please keep in mind that due to the quickly-changing nature of the COVID-19 pandemic, you should always discuss changes with your Freed Maxick advisor or legal counsel. 

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