Category Posts

Healthcare providers were presented with several economic stimulus programs to relieve some of the burdens brought on by the COVID-19 public health emergency (PHE). During a recent presentation, VGM’s Mark Higley, VP of Regulatory Affairs, and Craig Douglas, VP of Payer & Member Relations, have summarized these programs, what is required of providers to stay compliant, and the tax implications surrounding these programs. 

HHS Provider Relief Fund (PRF) and Updated Reporting...

Paycheck Protection Program (PPP) Changes

According to a White House press release the Paycheck Protection Program will, for a period of 14 days, only be available to businesses with fewer than 20 employees. The 2-week period is scheduled to begin Wednesday, February 24, and is being implemented in an effort to make sure that these very small businesses do not get excluded from receiving money through the program.

In addition to that 2-week period to focus on very small businesses, other changes being made to the Paycheck Protection...

There are a few things you need to know about the recent signing of the year-end legislative packge by former President Trump. The larger spending package did have changes to the Paycheck Protection Program (PPP) and Economic Injury Diasaster Loan Program (EIDL), as well as some tax implications. Below are two articles from Mark Higley and Craig Douglas regarding the updates. 

Please reach out to Mark...

This week, the U.S. Small Business Administration (SBA) unveiled a now simpler application and process for Paycheck Protection Program (PPP) loan forgiveness, especially for loans that were less than $50,000. This new streamlined process makes it easier for both the business that received the loan, as well as the lender that issued it. The SBA and the U.S. Treasury Department continue to look at ways to make this process easier but still prevent fraud and/or misuse...

The Senate unanimously passed, by voice vote, the Paycheck Protection Program Flexibility Act (H.R. 7010), which seeks to improve the PPP and allow more flexibility for small businesses using the rescue loan funds. 

The bill was approved by the House on Thursday, May 28, by a 417-1 vote and has now been signed into law by President Trump.  

The legislation makes several changes to the Paycheck Protection Program for current borrowers, including...

The bill that was passed by the House last week that would make significant changes to the Paycheck Protection Program has now passed the Senate as well. It will now go to President Trump for signature. If the bill is signed in its current state, PPP loan recipients will now have nearly 6 months (24 weeks) to utilize the funds they receive, which is three times longer than the 8 weeks they initially had to spend the money in order to qualify for loan forgiveness. Recipients will also only have...