Late Wednesday night, the Senate passed a much anticipated third emergency funding bill to help combat the spread of the virus and the negative economic impact its having on the country. The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act:
- Provides $100 billion to hospitals and healthcare providers to ensure they continue to receive the support they need for COVID-19 related expenses and lost revenue;
- creates a “paycheck protection program” that would provide 8 weeks of cash-flow assistance to small employers;
- Gives the Secretary more flexibility to waive additional Medicare telehealth requirements; and
- Temporarily suspends the 2% Medicare sequestration.
The House of Representatives is expected to vote on the bill as soon as tomorrow. MGMA Government Affairs will continue to monitor these legislative developments and provide updates via the COVID-19 Action Center.