AMS is committed to helping you keep your practice open during COVID-19.  The information below has been gathered as a list of financial resources and information that can help you during this time.

Arkansas Economic Development Commission

Arkansas Ready for Business

Small Business Loans for Clinics and Practices

Small businesses in Arkansas – including health care clinics and practices – can now apply for long-term, low-interest working capital loans to meet their financial obligations during the time of a disaster.

To qualify, businesses must have:

Apply for assistance on the SBA’s website and submit the following documentation:

SBA says additional information may be necessary to process your application. Approval decisions and disbursement of loan funds will depend on SBA’s receipt of your submitted documentation.


Federal Assistance

The American Medical Association’s Advocacy staff have provided a summary of the highlights of the CARES Act that was signed into law last week. View the entire summary here.  We will share more as it becomes available.

Employee Retention Credit

According to the CARES Act, businesses are eligible for an employee retention tax credit if:
1. Your business operations were fully or partially suspended due to a COVID-19 shut-down order; OR
2. Gross receipts declined by more than 50% compared to the same quarter in the prior year.

Eligible businesses can get a refundable 50% tax credit on wages up to $10,000 per employee. The credit can be obtained on wages paid or incurred from March 13, 2020, through December 31, 2020. Each practice would need to consult their tax attorney/accountant.