HHS Increases and Begins Distributing Over $24 Billion in Phase 3 COVID-19 Provider Relief Funding
HHS announced it has completed its review of Phase 3 applications from the Provider Relief Fund (PRF) program and will distribute $24.5 billion to over 70,000 providers. HHS indicated the payments will cover 88 percent of each applicant’s reported lost revenues and net change in expenses caused by the coronavirus pandemic in the first half of 2020. Over 35,000 applicants will not receive an additional payment either because they experienced no change in revenues or net expenses attributable to COVID-19, or because they have already received funds that equal or exceed reimbursement of 88 percent of reported losses. Nursing homes account for $1.10 billion in Phase 3 funding. Payment distribution started on December 16 and continue through January 2021.