PODCAST: Panelists Discuss Recent CARES Act Stimulus and Other Pharmacy Updates
On a special edition of the Good Neighbor Pharmacy Connect Podcast, Scotty Sykes, CPA, CFP® and other business advisors were invited to discuss significant updates and guidelines on new CARES Act stimulus provisions. The podcast was recorded June 30, 2020. The panelists …
CARES Act Provider Relief Fund & HHS Stimulus – Uses and Management
By now, pharmacies may have received two distributions from the CARES Act provision known as the Medicare Provider Relief Fund, which allocates automatic stimulus grants to providers that billed Medicare Fee-for-Service (MFFS) in 2019 or have provided COVID-19 related services in 2020. …
Managing Your Pharmacy’s EIDL Program Funds
If your pharmacy was approved for an Economic Injury Disaster Loan (EIDL) through the Small Business Administration, what’s next? As funds are dispersed, pharmacies must carefully manage and document use of these funds to remain in compliance with the loan terms. Eligible …
Paycheck Protection Program Flexibility Act (PPPFA) Enhances Borrower Options
Congress has passed the Paycheck Protection Program Flexibility Act (“PPPFA”) which amends the CARES Act and the Small Business Act to modify certain provisions related to the forgiveness of loans under the Paycheck Protection Program (PPP). This program continues to evolve, however …
COVID-19 and Pharmacies: Steps to Navigate this New Normal
This unique webinar, presented by Sykes & Company, P.A. and Brown & Fortunato, discusses practical steps that pharmacies can take to make it through this bizarre time. Specific topics to be discussed include: (i) what to do if an employee or patient …
IRS Midyear Provisions Offer Changes and Flexibility
To assist with the nation’s response to the 2019 Novel Coronavirus outbreak, the IRS announced last week with Notice 2020-29 its intention to provide increased flexibility for midyear elections related to employer-sponsored health coverage, health Flexible Spending Arrangements, and dependent care assistance …
Early Insights on the PPP Loan Forgiveness Application
On May 15, 2020, The Small Business Administration (“SBA”) in conjunction with the Department of the Treasury released the Paycheck Protection Program (“PPP”) Loan Forgiveness Application along with detailed instructions. Download the application here. The application is thorough, resembles a tax return …
Coming out of COVID: How to boost RX Business and Cash Clinical Services
In this webinar you’ll learn how to: • Diversify your revenue streams away from PBMs, DIR and GER headaches • Help your patients feel better, and become less reliant on medications • Empower your pharmacists to practice what they went to school …
Safe Harbor Certification For Small PPP Loans, But Document Use Carefully
When applying for the Paycheck Protection Program, every applicant had to certify that the “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.” No one knew exactly what this meant, therefore, our suggestion was to …
Update: Tax Deductibility of Expenses under PPP
As we discussed in our email blast on Friday April, 14th, Congress did not specify in the CARES Act whether expenses paid with Paycheck Protection Program (PPP) loan proceeds would be deductible to the extent the PPP loan is forgiven. In other …
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