The Paycheck Protection Program was passed to reduce pressure on small businesses, including many urgent care centers, that would have a hard time meeting payroll during the COVID-19 crisis by paving the way for them to get loans. While execution of the plan has had its bumps, both houses of Congress have now approved an amendment, HR 7010, that could help urgent care centers maintain existing staffing levels (or close to them) and even save some from going under. For one thing, HR 7010 extends the time period covered under the PPP through December 31; the time period a business has to repay their loan has also been stretched to 5 years. Further, the amendment includes stipulations that increase the borrower’s chance of having at least some of their loan forgiven. The complete language of the bill is available here. It would be wise to ensure your trusted tax and legal teams do a deep dive into the details to ensure you’re maximizing the benefits of the program without incurring financial risk. Forbes magazine published an article that does a good job of explaining the dynamics of the program, and what the implications of it could be for businesses.
PPP Has Already Been Amended—and the Changes Could Help Save Your Urgent Care Operation