CARES Act gives more radiology practices a shot at small business loans
The CARES Act signed into law by President Donald Trump on Friday will offer radiology practices a greater shot at obtaining small-business loans to stay afloat during the pandemic.
Following its passage, the stimulus bill revises eligibility criteria for Small Business Administration loan programs while also offering new allowable uses. Those and other changes are aimed at making SBA’s loan programs more “inclusive, expansive, and useful,” the American College of Radiology detailed in a news post on March 27.
Administrator Jovita Carranza said Friday that her agency is prepared to help radiology practices and other companies that have been hit hard by the pandemic.
“Our small businesses are the economic engines of their communities, and the SBA is ready to provide them with the support they need to remain open and keep their workers employed,” she said in a statement. “With our whole-of-government approach led by the president, we are providing small businesses with the resources they need to get them through this unprecedented time.”
ACR noted that the administration’s forms and loan program details had not yet been updated as of Friday to reflect changes from the Coronavirus Aid, Relief and Economic Security Act. Prior to CARES, the SBA provided assistance of up to $5 million to businesses that meet certain size standards, including having 500 employees or less. Radiology practice eligibility is also tied to average annual receipts, the ACR added.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.