On March 27, 2020, President Trump signed the “Coronavirus Aid, Relief, and Economic Security Act" (the CARES Act). This Act provides cash relief through the Paycheck Protection Program for independent contractors, such as locum tenens providers, and other individuals and industries affected by the coronavirus.
What is the Paycheck Protection Program?
The Paycheck Protection Program (PPP) gives small businesses and independent contractors, including locums providers, funds to pay up to 8 weeks of payroll costs. These funds can be used to pay rent, mortgages, utilities, and benefits.
- All funds will be fully forgiven
- Loan payments will be deferred for 6 months
- No collateral or personal guarantees are required
When can locum tenens providers apply for the Paycheck Protection Program?
April 10th is the first day independent contractors can apply. It is highly recommended that you apply as soon as possible because there is a funding cap and funds may be distributed on a first-come, first-served basis.
How to Apply:
In order to apply, you have to work with a financial institution on this list: https://www.sba.gov/paycheckprotection/find.
You can apply through:
- An existing Small Business Association lender
- Any federally insured depository institution
- A federally insured credit union
- A Farm Credit System institution
Disclaimer: Onyx M.D. is not offering financial advice. We encourage you to visit this site to learn more about the Paycheck Protection Program or to speak with a financial advisor.