This week, Governor Ivey announced the Revive Alabama grant program to support small businesses, including some physician practices, in Alabama that have been impacted by COVID-19. The program will reimburse practices for expenses they have incurred due to interruptions in business activity caused by the pandemic.
Practices that qualify as small businesses may receive up to $15,000 to reimburse expenses as a result of the pandemic. However, there are several factors that will determine the eligibility of a practice. Consequently, physicians are encouraged to click the following link to view the eligibility requirements for further clarification.
Note, there are limitations if your practice received or is expecting to receive federal assistance such as a Paycheck Protection Program (PPP) Loan, Economic Injury Disaster Loan, or Pandemic Unemployment Assistance (PUA).
Practices may access the grant application by visiting the Revive Alabama page on the Alabama Department of Revenue website. Application Period: Noon on July 16,2020 – Midnight on July 25, 2020.
What Business Are Eligible to Apply?
- Must be a resident of the state with a permanent place of business located in the state. A resident includes an individual, partnership, corporation or other business entity. For businesses, “resident” means based or headquartered in AL.
- Was in business and fully operational as of March 1, 2020 and continues to be operational as of the date of application.
- Had no more than 19 full-time equivalent employees as of March 1, 2020.
- Is not a subsidiary of or owned by a business with more than 50 FTEs, or part of a larger business enterprise with more than 50 FTES.
- Filed AL Income Tax returns for both 2017 and 2018 tax years as of March 1, 2020 (if entity was in existence).
- Businesses that existed during 2019 must also verify that they will timely file and pay 2019 income taxes in accordance with the due date for the return, including applicable extensions.
- Businesses that existed during 2019 must have had gross revenues for the year that do not exceed $5,000,000.
- Business that existed prior to 2019 must have had less than an average of $5,000,000 in gross revenues in each of the past two tax years.
- Eligible small businesses formed in 2020, must verify that they will timely file and pay income taxes for the 2020 tax year.
- Be in good standing with the ALDOR as of March 1, 2020.
- Incurred eligible expenses due to the interruption of business, such as mortgage interest, rent, payroll and utilities, up to the grant amount requested. Additional practice expenses such as PPE, cleaning supplies, telehealth hardware and software costs, may also qualify.
- Has not received a federal Paycheck Protection Program (PPP) Loan, Economic Injury Disaster Loan or Pandemic Unemployment Assistance (PUA)
- Or, if received or expected to receive, incurred eligible business interruption expenses up to the amount requested that were not covered with these funds.
Funds cannot be use for the following:
- As reimbursement for cost or damages covered by insurance
- For expenses that have been or will be reimbursed under any federal program, including the PPP, Economic Injury Disaster Loan Program, or PUA
- For reimbursement to donors for donated items or services
- For workforce bonuses other than hazard pay or overtime
- For severance pay
- For legal settlements
Please note: All practices must first establish a secure My Alabama Taxes (MAT) account before submitting an application. Click here to create an MAT account. Practices may want to go ahead and create a MAT account prior to the application process opening.
The Medical Association will provide more information regarding the grant as it becomes available and is continuing to work with the Governor’s office on additional stimulus funds for physician practices that don’t qualify under this program.
We are also working with our Corporate Partner Warren Averett to provide up to date information on the grant program. For specific practice advice please contact Maddox Casey, CPA at Maddox.casey@warrenaverett.com.