The CARES (Coronavirus Aid, Relief and Economic Security) Act was enacted into law on March 27, 2020 to help provide financial stability and relief for individuals and businesses affected by COVID-19. While the bill is very broad and addresses a number of areas and industries, we believe the following are important to highlight for our healthcare clients at this time, especially as many doctors struggle to meet payroll and other overhead obligations.
As just one example, many dentists have temporarily closed their offices completely, while others are only seeing patients on an emergency basis. However, even though the office is closed, and the revenue has stopped, expenses will continue to accrue. Although there may be some reductions in expenses like utilities and supplies, rent will still be due.
Additionally, given the close relationships doctors have built with their staff over time and the need to retain quality employees, many doctors have decided to continue paying staff while they are partially or completely closed. Without assistance, this can create a significant burden on the doctor, which is where the CARES Act comes in.Continue reading CARES Act: Financial Relief for Doctors and Other Small Business Owners as a result of COVID-19