Boozman Bulletin: Coronavirus Resources for Arkansans

Good news, the IRS has started issuing money to Americans eligible for economic impact payments authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Many Arkansans can anticipate receiving a payment from the federal government in the coming weeks. 

This is a one-time payment of $1,200 to every American whose 2018 tax return, or 2019 if filed, showed income at or below $75,000. That’s $2,400 per married couple with an income of less than $150,000, with an extra $500 per child. 
 

My office has heard from many Arkansans about these funds so we compiled this resource with answers to the common questions.
 
You can check the status of your payment and learn when to expect the money to be deposited in your bank account or the check in the mail. 
 
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Paycheck Protection Program

This program authorizes lending institutions to quickly make loans to small businesses to help them remain operational during the coronavirus outbreak. The $349 billion program was included in the CARES Act. It provides low-interest loans to small businesses to use for payroll, mortgage interest, rent and utilities, with a portion of the loan eligible for forgiveness. This program is crucial to helping small businesses remain afloat despite the financial hardships caused by the coronavirus. 

The Paycheck Protection Program  (PPP) provides critical aid that will allow small businesses to stay in operation and keep employees on the payroll as we all weather this storm.

• The program is retroactive from Feb. 15, 2020, so employers can rehire recently laid-off employees through June 30, 2020.
• Eligible recipients may qualify for a loan up to $10 million.
• Loan payments will be deferred for six months.
• PPP loans can cover payroll, mortgage interest, rent and utilities.
• For small businesses that maintain their workforce, the Small Business Administration will forgive the portion of the loan used to cover the first eight weeks of payroll and certain other expenses.

To learn more about the PPP including how to find local lenders and apply for assistance click here. 

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Supporting Arkansas Hospitals, Medical Centers and Providers
 
The U.S. Department of Health and Human Services (HHS) awarded $326.5 million in federal funds to 2,905 hospitals and health care providers across Arkansas to help facilitate the coronavirus response in our communities.  
 
This is the first wave of funding awarded to health care providers from the $100 billion appropriated by the CARES Act. It is being distributed immediately proportionate to providers’ share of Medicare fee-for-service reimbursements in 2019. This quick dispersal of funds will bring relief to both providers in coronavirus hotspot areas and those providers who are struggling to keep their doors open due to cancelled elective services.
 
We must consider the needs of rural hospitals in this funding. That’s why I joined a bipartisan letter to HHS Secretary Alex Azar urging him to prioritize rural hospitals as well as those with high percentages of Medicaid and Medicare patients in the distribution of CARES Act resources.
 
I’ve also called on Senate leaders to provide more relief to public hospitals by allowing public-owned hospitals, including seven in Arkansas, to be eligible for PPP assistance.

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Be Aware of Coronavirus-Related Scams
 
Scammers and con artists are preying on fears Americans have related to coronavirus, using this crisis to steal money and sensitive information. It’s important to remain vigilant and learn to recognize and identify schemes scammers use because, as the old adage holds, if something sounds too good to be true, it probably is.
 
Become familiar with ways thieves are operating to protect yourself and your family from falling victim to their ploys.

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Thank You
 
Doctors, nurses, medical support staff and first responders are on the frontlines of this crisis. Caring for COVID-19 patients and others in need of health care services at a time when resources are tight, shifts are long and the risk is high makes them the true definition of the word ‘hero.’
 
We’re seeing Arkansans go above and beyond to serve the needs of the community and offer assistance to friends, neighbors and strangers during this time. We are blessed to have so many Natural State citizens offer their support during this crisis.

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