How Cash-Strapped Home Health Agencies Can Take Advantage of the CARES Act
April 8, 2020
On Friday, President Donald Trump’s signature finalized a record-breaking $2 trillion stimulus package, officially titled the Coronavirus Aid, Relief and Economic Security (CARES) Act. The act’s aim: to provide much needed financial relief to both individuals and businesses during the COVID-19 crisis. While the CARES Act does a number of things, it specifically sets aside an estimated $350 billion for small businesses in the form of loans. If home-based care agencies wish to capitalize on those resources, they need to act quickly, financial experts warn. Once the $350 billion is gone — it’s gone for good.
With that in mind, providers in need of relief should put their wheels into motion now, Shep Harris, a loan officer at Live Oak Bank, told Home Health Care News. “My opinion is that it’ll be kind of first-come, first-serve,” Harris said. “Now, will they step up and sign something else if there’s a long list thereafter? Who knows. But I wouldn’t want to be on that side of the [things]. I wouldn’t want to take that risk.”