Offering funds that do not have to be repaid if properly utilized, chiropractors across the U.S. have until Oct. 26, 2021, to apply for Phase 4 funding under the Provider Relief Fund and American Rescue Plan.
The HHS-administered funds are available to practices that experienced lost revenues and/or increased operating expenses between July 1, 2020, and March 31, 2021, compared to the prior year. In order to apply, chiropractors will need documentation on including all tax identification numbers (TINs) used for billing, financial statements for 2019 Q1, Q3 and Q4, 2020 Q3 and Q4, and 2021 Q1, and a practice’s federal tax return (Form 1120, 1120S, 1065 or your 1040 with Schedule C if you are a sole proprietor or single-member LLC).
“Approximately 75% of the Phase 4 funding will be Base Payments which represent a percentage of a provider’s change in quarterly operating revenues and expenses,” writes Stuart J. Oberman, Esq., president & CEO, Oberman Law Firm. “Smaller practices will also get the benefit of larger payments with a scaled supplement so that a larger share of the overall funds are received by small businesses. The remaining 25% of the Phase 4 funding will be paid as bonus payments to providers that include Medicaid, CHIP, and Medicare in their practice.”
The HRSA states, “Qualified providers of health care, services, and support may receive Provider Relief Fund payments for healthcare-related expenses or lost revenues due to coronavirus. These distributions do not need to be repaid to the U.S. government, assuming providers comply with the terms and conditions.”
For more information go to www.hrsa.gov/provider-relief/future-payments.