In the past week, the Small Business Administration (SBA), US Treasury, and IRS have released more rules and guidance on the PPP, and CMS issued a new interim final rule with comment period that, among other changes, increases the reimbursement for telephone-only teleheath visits.
SBA, Treasury, IRS
The federal government continues to release rules related to the implementation of the Paycheck Protection Program (PPP). On April 24, SBA released FAQs and an interim final rule clarifying that the eight-week loan period begins on the date of disbursement. Specifically, the April 24 FAQ states, “The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval.”
On April 30, the IRS issued a notice indicating that small businesses that have their PPP loan forgiven will not able to take tax deductions for their wages and other expenses for the use of that loan. The PPP loans are non-taxable income, and the IRS notice states that the PPP loan funds used to compensate employee wages will not be able to be deducted from the small businesses' annual business income. Podiatrists are encouraged to speak with their accountants about tax-related questions.
For more information about the APMA economic relief resources, including a recently-recorded webinar on PPP, visit www.apma.org/covid19sba.
CMS’ Interim Final Rule
CMS issued a new interim final rule (IFR) on April 30 that included more regulatory waivers and rule changes. These changes are meant to expand access to care and provide additional flexibility to providers in delivering that care.
Note the following changes of interest to podiatrists: