How the Signed COVID-19 Relief Bill Will Affect Pharmacies
On December 27, 2020 President Trump signed a COVID-19 stimulus bill to provide additional relief to individuals and businesses who have experienced economic hardship due to the pandemic.
In this video, Scotty Sykes, CPA highlights the major components of the bill that may affect pharmacies moving forward, including PPP loan forgiveness, HHS Provider Relief, EIDL grants, stimulus payments and Employee Retention Tax Credits (ERTC). Scotty also guides viewers through a checklist to see if they may qualify for additional funding through the ERTC or the new PPP loan. See the checklist below:
Use this checklist to see if your pharmacy may be eligible for additional funding:
- Did your Rx have a 50% reduction in revenue in any quarter compared to the same quarter in 2019?
- Did your Rx have a 25% reduction in revenue in any quarter compared to the same quarter in 2019?
- Did your Rx have a 20% reduction in revenue in the fourth quarter of 2020 compared to the fourth quarter in 2019?
If you answered “yes” to any of the above, you may qualify for more funding. If you answered “no”, you likely will not quality for additional funding.
The details provided in this video are not all-inclusive. There is still much to process regarding this newly signed law — stay tuned for additional updates and thank you for following Sykes & Company, P.A. for your pharmacy accounting, tax, and advisory needs.
Check out our 30-minute video that provides a more in-depth analysis of the details of this new bill.
Please send your questions to ASK SYKES to confer with a trusted pharmacy advisor.
