On June 22, 2020, a bipartisan group of U.S. Representatives introduced H.R. 7292, possibly signaling some good news for healthcare providers. The bill allows for the conversion of Medicare accelerated loans into grants; grant recipients would no longer be obligated to repay these loans. The Bill covers both Medicare Part A and Part B loan programs.
Due to COVID-19, hospitals continue to experience staggering financial losses. As providers prepare for a potential resurgence of the virus later this year, hospitals must be adequately prepared. All funds will be used exclusively to pay for COVID-19 related expenses and losses. Any excess funds will be required to be returned to the Treasury.
It is important to contact your legislators by email or phone to urge their co-sponsorship of H.R. 7292 this week.