Skip to content
The American Academy of Audiology
  • Practice Resources
    • Practice Guidelines and Standards
    • Reimbursement
    • Coding
    • Compliance
    • Public Awareness
    • State Medicaid
    • Medicare FAQs
    • COVID-19 Resources
  • Education and Events
    • Event Calendar
    • AAA Annual Conference
    • Academy Research Conference (ARC)
    • Continuing Education
    • eAudiology Online Learning
    • Research Grants and Scholarships
  • News and Publications
    • Audiology Today
    • Newsroom
    • Journal of the American Academy of Audiology
    • Advertising
    • Audiology Solutions Network
    • Online Store
  • Careers
    • Career Center
    • Certification
    • Become an Audiologist
    • Doctoral Programs in Audiology
    • Recruiting
    • Resources for New Audiologists
  • Advocacy
    • Legislative and Regulatory Activities
      • State Affairs
      • Federal Affairs
    • Legislative Action Center
    • Government Relations News
  • About the Academy
    • Contact Us
    • Academy Membership
      • Benefits
      • Ethics
      • Member Directory
      • Membership Renewals
    • Leadership
    • Committees and Task Forces
    • Get Involved
    • Diversity, Equity, and Inclusion
    • Honors and Awards
    • Sponsorships and Corporate Partners
    • Press and Media Information
  • Audiology Community
  • Consumers
    • What Is an Audiologist
    • Hearing and Balance Symptoms and Conditions
    • Managing Hearing Loss
    • Seniors and Hearing Loss
    • Children and Hearing Loss
FacebookTwitterLinkedinYoutubeInstagram
  • Audiology Community
  • Students
  • Get Involved
  • Donate
  • Renew
The American Academy of Audiology
Member Login
  • Practice Resources
    • Practice Guidelines and Standards
    • Reimbursement
    • Coding
    • Compliance
    • Public Awareness
    • State Medicaid
    • Medicare FAQs
    • COVID-19 Resources
  • Education and Events
    • Event Calendar
    • AAA Annual Conference
    • Academy Research Conference (ARC)
    • Continuing Education
    • eAudiology Online Learning
    • Research Grants and Scholarships
  • News and Publications
    • Audiology Today
    • Newsroom
    • Journal of the American Academy of Audiology
    • Advertising
    • Audiology Solutions Network
    • Online Store
  • Careers
    • Career Center
    • Certification
    • Become an Audiologist
    • Doctoral Programs in Audiology
    • Recruiting
    • Resources for New Audiologists
  • Advocacy
    • Legislative and Regulatory Activities
      • State Affairs
      • Federal Affairs
    • Legislative Action Center
    • Government Relations News
  • About the Academy
    • Contact Us
    • Academy Membership
      • Benefits
      • Ethics
      • Member Directory
      • Membership Renewals
    • Leadership
    • Committees and Task Forces
    • Get Involved
    • Diversity, Equity, and Inclusion
    • Honors and Awards
    • Sponsorships and Corporate Partners
    • Press and Media Information
  • Audiology Community
  • Consumers
    • What Is an Audiologist
    • Hearing and Balance Symptoms and Conditions
    • Managing Hearing Loss
    • Seniors and Hearing Loss
    • Children and Hearing Loss
wave-mark-white
March 27, 2020

President Signs “The Coronavirus Aid, Relief, and Economic Security Act” that Includes Small Business Assistance (CARES)

  • Government Relations News

The recently enacted “CARES” Act includes the “Paycheck Protection Program” (PPP) for small businesses. The PPP is designed to provide short-term cashflow assistance to small businesses to help these businesses and their employees deal with the economic impact of the COVID-19 crisis.

Loans are made by lenders certified by the Small Business Administration (SBA) and must be made before on or before June 30, 2020.

Small businesses that receive loans under the PPP must use loan funds to pay payroll costs (i.e., salaries, wages, vacation, parental, family, medical, or sick leave, severance, retirement benefits, and state or local taxes assessed on compensation) related to group health-care benefits (i.e., insurance premiums), employee commissions and tips, interest on mortgage obligations, rent (including rent under a lease), utilities or interest on other debt incurred prior to obtaining the loan and provided, however, that PPP loan funds cannot be used to pay salaries over $100,000.

Eligible Businesses

The PPP is available to small business concerns (businesses that are independently owned and operated, organized for profit, and are not dominant in their field), 501(c)(3) nonprofits, 501(c)(19) veteran’s organizations, and tribal business concerns with 500 or fewer employees (full and part-time), and not more than the applicable size standard for their industry, as provided by the SBA, if higher.  

Payment Forgiveness

Principal amounts on PPP loans, for the first eight-week period from when the PPP loan is made, may be forgiven, if loan funds are used to cover payroll costs, interest payments on mortgages (not including prepayments or principal), and rent and utilities.The amount of a PPP loan that may be forgiven cannot exceed the principal amount of the loan.

To get the full benefit of loan forgiveness, businesses must keep their employees and pay them at least 75 percent of their prior-year compensation.To apply for forgiveness, businesses must submit documentation regarding the eligible uses of loan funds (payroll costs, mortgage interest, utilities, etc.), a certification that such documents are true and correct, as well the amount to be forgiven, and any other documentation the SBA Administrator deems necessary. The SBA will purchase any loan forgiveness amounts from its certified lenders and this canceled indebtedness will not result in taxable income to the business.

Regulations Expected Soon

The SBA is required to issue regulations within 15 days after the enactment of the CARES Act, which will establish the actual application process.


More Information

  • COVID-19 Resources
  • Telehealth Resource Centers (TRCs)
  • COVID-19: Help Flatten the Curve
Share this

Recent Posts

  • Biden Administration Announces Intent to End COVID-19 Public Health Emergency (PHE) on May 11, 2023
  • Volunteer Spotlight: Haley Lanoue, AuD
  • Audiology Practice Analysis

Related Posts

Biden Administration Announces Intent to End COVID-19 Public Health Emergency (PHE) on May 11, 2023
Government Relations News

Biden Administration Announces Intent to End COVID-19 Public Health Emergency (PHE) on May 11, 2023

On January 30, 2023, the Biden Administration announced its intent to end the national emergency and public health emergency declarations on May 11, 2023, related to the COVID-19 pandemic. These emergency declarations have been in place since early 2020, and gave the federal government flexibility to waive or modify certain requirements in a range of…

Read More
CMS Targets Deceptive Marketing and Improving Health Equity in Medicare Advantage (MA) Plans
Government Relations News

CMS Targets Deceptive Marketing and Improving Health Equity in Medicare Advantage (MA) Plans

In late 2022, the Centers for Medicare and Medicaid Services (CMS) released a proposed rule that takes aim at deceptive marketing in television commercials, online ads, and mailers related to Medicare Advantage plans. CMS proposes prohibiting ads that do not mention a specific plan name as well as ads that use words and imagery, such…

Read More
Academy Joins with Broad Provider Coalition to Advocate for Medicare Payment Reform
Government Relations News

Academy Joins with Broad Provider Coalition to Advocate for Medicare Payment Reform

The Academy joined with a broad coalition of non-physician and physician providers to urge Congress to continue to work on long-term substantive payment reforms in Medicare. The Coalition letter provides that while Congress has taken action to address some of these fiscal challenges by mitigating some of the recent Medicare Physician Fee Schedule (MPFS) cuts,…

Read More
wave-mark

Join the Academy

Academy members receive many benefits for professional development, practice management, and community development.

Become a Member
COMM22-Academy_Website_Graphics-Retina-Celebrating_35_Years (W)-min

American Academy of Audiology
11480 Commerce Park Drive
Suite 220
Reston, VA 20191

Tel: 703-790-8466
Fax: 703-790-8631

  • Practice Resources
    • Practice Guidelines and Standards
    • Reimbursement
    • Coding
    • Compliance
    • Public Awareness
    • State Medicaid
    • Medicare FAQs
    • COVID-19 Resources
  • Education and Events
    • Event Calendar
    • AAA Annual Conference
    • Academy Research Conference (ARC)
    • Continuing Education
    • eAudiology Online Learning
    • Research Grants and Scholarships
  • News and Publications
    • Audiology Today
    • Newsroom
    • Journal of the American Academy of Audiology
    • Advertising
    • Audiology Solutions Network
    • Online Store
  • Careers
    • Career Center
    • Certification
    • Become an Audiologist
    • Doctoral Programs in Audiology
    • Recruiting
    • Resources for New Audiologists
  • Advocacy
    • Legislative and Regulatory Activities
      • State Affairs
      • Federal Affairs
    • Legislative Action Center
    • Government Relations News
  • About the Academy
    • Contact Us
    • Academy Membership
      • Benefits
      • Ethics
      • Member Directory
      • Membership Renewals
    • Leadership
    • Committees and Task Forces
    • Get Involved
    • Diversity, Equity, and Inclusion
    • Honors and Awards
    • Sponsorships and Corporate Partners
    • Press and Media Information
  • Audiology Community
  • Consumers
    • What Is an Audiologist
    • Hearing and Balance Symptoms and Conditions
    • Managing Hearing Loss
    • Seniors and Hearing Loss
    • Children and Hearing Loss
  • Audiology Community
  • Students
  • Donate
  • Get Involved
  • Contact Us
  • Privacy Policy
  • Antitrust Policy and Guidelines
  • Terms of Use Policy
  • Accessibility Statement
  • Sitemap

© Copyright 2023 American Academy of Audiology

Website by Yoko Co

Scroll To Top