Small businesses of all kinds are being challenged by the current COVID-19 pandemic. Foremost on most business owners’ minds is how to protect their employees and meet their financial obligations. As always, RxOwnership is here to help independent pharmacies. We urge you to regularly check this space for new information on the CARES Act and other resources for small businesses.

    • Notice: The Paycheck Protection Program (PPP) application deadline has been extended to August 8, 2020. With more than $138B (as of July 1, 2020) in unspent money left in the program, we highly encourage you to apply for the loan as soon as possible.
    • List of offerings by lending vendors commonly used by RxOwnership
    • S. Chamber of Commerce resource page explaining the stimulus package’s different components
    • The U.S. Senate Committee on Small Business & Entrepreneurship guide on the CARES Act
    • Paycheck Protection Program Loans Frequently Asked Questions (FAQs)
    • Paycheck Protection Program Report: Approvals through April 13, 2020
    • To prepare for the projected additional funding being added to the Payment Protection Program (PPP), many bank vendors are advising pharmacy owners who did not receive money through the first round of CARES Act funding to start an application now. This would allow your application to be queued up and ready, when the second round of funding is made available. One of RxOwnership’s banking vendors, Live Oak Bank, has provided contact information for Health Mart and McKesson customers looking to get started. You can also see a list of other banking vendors that had previously offered support here. You are free to contact any lender you would like to discuss a PPP application. If you’re interested in contacting Live Oak Bank at Mike.Bollinger@LiveOak.bank. Be sure to mention McKesson RxOwnership in your email so that the Live Oak Bank team knows you are working with McKesson. No prior relationship with Live Oak Bank is required.
    • Paycheck Protection Program Report: Second Round Approvals from April 27, 2020 through May 1, 2020
    • Access the Paycheck Protection Program: Loan Forgiveness Application with detailed instructions. We advise stores that have received aid from the PPP to work with their banks by the application’s deadline of 10/31/2020.
    • On June 3, 2020, the Paycheck Protection Program (PPP) Loan Flexibility Act was passed. This bill provides hope that greater flexibility to the PPP loan forgiveness will help many small business owners survive the COVID-19 crisis.
    • To further meet the needs of the U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today.
    • Visit the free PPP Loan Forgiveness Application Calculator. The tool was designed specifically for PPP borrowers and advisors.
    • President Donald Trump on Saturday, July 4, signed into law a temporary extension of a subsidy program for small businesses battered by the coronavirus. The legislation extends the June 30 deadline for applying for the program to Aug. 8.