As a part of the new federal stimulus law, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), $30 billion of a $100 billion provider relief fund is being distributed immediately to eligible Medicare hospitals and health care providers to offset lost revenues and increased costs due to the COVID-19 pandemic.
The funds are directly deposited, and payment began on April 10, 2020. These funds are not loans, so psychologists who receive these funds are not expected to repay this money.
Health care professionals and facilities that received reimbursement under Medicare's fee-for-service program for services provided in 2019 are eligible to receive payment. Solo practitioners will receive payment under the tax identification number used to bill Medicare. Psychologists employed in group practices or by facilities will not receive direct individual payment. The organization billing Medicare will receive those relief payments.
These payments should not be confused with the CMS Accelerated and Advance Payment Program, which is a loan program for health care providers and requires repayment. CMS has a fact sheet describing the Accelerated and Advance Payment Program (PDF, 102KB) on its website.
Visit the CARES Act Provider Relief Fund page on the HHS website for more information about the provider relief fund, including associated terms and conditions, and how distribution of the payments is being determined.