March 31, 2020
Stimulus Package A Promising Move For LTC

Congress passes historic $2T coronavirus stimulus package

How long-term care providers are responding to the bill
 
To avoid certain economic disaster in wake of the COVID-19 pandemic, President Trump signed a record-breaking bill on Friday, March 27th, 2020. The bipartisan deal includes one-time stimulus checks for American families, extensions and expansions for unemployment, paid sick leave, student loan relief, among other financial breaks.
 
Known as the “Coronavirus Aid, Relief and Economic Security” (CARES) Act, the package also designates $200 million in aid to CMS. Lawmakers say the funds will help the agency assist skilled nursing facilities in their efforts to prevent the spread of coronavirus.


 
The LTC response
 
Following the historic announcement, industry leaders voiced their considerations and concerns. For many, the bill will provide a much-needed financial boost. Nursing homes across the nation have funneled countless hours, money, energy and resources into their infection control programs. The emergency package will help cover these unexpected costs and prevent future staff layoffs, among other benefits.
 
“We appreciate the many items in the Senate stimulus bill that will be helpful for long-term care providers, including the loans for small businesses, the funds supporting increased healthcare resources for medical supplies, and the support for child care, which will greatly support our caregivers on the front lines,” said Cliſton Porter II of the American Health Care Association. “The bill is critical during this time.”
 
Upon the passing of the bill, the CDC reported roughly 70,000 confirmed cases of COVID-19 in the United States, with a death toll of 994. Since then, the numbers have continued to swell. Long-term care providers hope the nation’s quarantine and isolation efforts will help slow the spread of infection as we head into the final days of March.
 
Thanks to Trump’s stamp of approval on this bill, Specialty Rx remains optimistic. We wish our amazing partners continued health, safety, prosperity—and swiſt deployment of relief funds.