The Health Resources and Services Administration (HRSA) announced on December 16, 2020 that they will distribute $24.5 billion to over 70,000 providers from Phase 3 of the Provider Relief Fund (PRF) program. This is an increase of $4.5 billion from the original $20 billion that they had planned on distributing. HHS stated that the additional $4.5 billion in funding is being “used to satisfy close to 90 percent of each applicant’s reported lost revenues and net change in expenses caused by the coronavirus pandemic in the first half of 2020.”
HHS has also indicated that it will not send additional payments to more than 35,000 applicants, either because they have experienced no change in revenues or net expenses associated with COVID-19, or because they have already received funds that equal or exceed a threshold of 88 percent of reported losses.
According to the press release, the additional payment distributions started on December 16 and will continue through January 2021. A state-by-state breakdown on the first batch of Phase 3 payments can be found here.
Tu Nguyen holds the position of Senior Finance Consultant at Ryan & Wetmore, P.C., where she primarily works with clients on business consulting, financial planning & analysis, mergers & acquisitions, and various healthcare projects. Tu earned her M.A. degree in Economics from Johns Hopkins University and a B.A. in Economics and Mathematics from Lake Forest College in Illinois.
About Traci Getz
Partner & CPA
Traci is a partner with Ryan & Wetmore, PC and is based in our Frederick, MD office. The Frederick office is home to the firm’s small business services department. Traci currently works with clients on individual, corporate, and tax compliance issues along with a variety of accounting and consulting services for small and medium-sized business owners.
Peter T. Ryan co-founded Ryan & Wetmore in 1988 with business partner Michael J. Wetmore. Peter provides clients with the best strategies for success. His expertise extends across various industries, including healthcare. Peter obtained a Master of Business Administration in Finance from the University of Baltimore and a Bachelor of Arts in Accounting from the Catholic University of America.