Update to the HHS Provider Relief Fund
Pharmacies should be aware that the application deadline for the Phase 2 General Distribution Funding has been extended yet again to September 13, 2020. The General Distribution Funding was enacted through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Paycheck Protection Program and Health Care Enhancement Act (PPPCHE). Both Acts allocated $175 billion to be distributed to qualified health providers.
These funds do not have to be repaid but are taxable to the pharmacy. Before accepting funds, it is important you understand the terms and conditions. These funds have restrictions on use and pharmacies who receive funds greater than $10,000 will be required to report on the use of these funds. More information, eligibility rules and the application can be found at this link.
If you have any questions regarding the HHS Provider Relief Fund and how this will impact your tax planning, please contact our office or schedule a call with Ollin Sykes or Scotty Sykes.
You can stay up-to-date on many of the relief options and tax impacts as they relate specifically to independent pharmacies through our coronavirus advisory page.