As we continue to struggle with the effects of the COVID-19 pandemic, illicit drug epidemic, and regulatory tsunami, ASIPP would like to bring you some comforting and good news.
1. Section 11: Paycheck Protection Program Second Draw Loans
As you know, the paycheck protection program second draw loans were included in the stimulus program, which is being passed today:
- Creates a second loan from the Paycheck Protection Program, called a “PPP second draw” loan for smaller and harder-hit businesses, with a maximum amount of $2 million.
- Eligibility: In order to receive a Paycheck Protection Program loan under this section, eligible entities must:
- Employ not more than 300 employees;
- Have used or will use the full amount of the first PPP; and
- Demonstrate at least a 25 percent reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same 2019 quarter. Provides applicable timelines for businesses that were not in operation in Q1, Q2, Q3, and Q4 of 2019. Applications submitted on or after January 1, 2021 are eligible to utilize the gross receipts from the fourth quarter of 2020.
Eligible entities must be businesses, certain non-profit organizations, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, and small agricultural co-operatives.
- This program also incorporates low-cost loans available for businesses with reduction in their revenues similar to PPP.
2. As we have covered in the ASIPP e-news last week, the third round of stimulus checks have already begun arriving. Some physicians have already received these and those who have already applied can expect to receive theirs soon.
3. Opioid utilization rates have been declining rapidly.
This new report from the IQVIA Institute for Human Data Science provides a timely view into opioid prescribing and how prescriptions vary by state. This will be the ninth consecutive year for a decline in opioid volume — down by 60% from its peak in 2011. And notably, the greatest declines in prescription opioid use are in those states which previously had the highest per capita use.
4. CDC releases illicit drug overdose epidemic report showing:
- A substantial increases in drug overdose deaths across the United States, primarily driven by rapid increases in overdose deaths involving synthetic opioids excluding methadone (hereafter referred to as synthetic opioids), likely illicitly manufactured fentanyl;
- A concerning acceleration of the increase in drug overdose deaths, with the largest increase recorded from March 2020 to May 2020,coinciding with the implementation of widespread mitigation measures for the COVID-19 pandemic;
- Significant increases in overdose deaths involving psychostimulants with abuse potential (hereafter referred to as psychostimulants) such as methamphetamine.