Reingruber Alert: Important CARES Act Provider Relief Fund Update
7/27/2020 - By Claudia Reingruber, CPA, CHC
Mandated Reporting by Recipients of > $10,000 in PRF
- Any recipient of more than $10,000 in CARES Act payments will be obligated to submit a detailed report of fund use as of 12/31/2020
- PRF Payments are Aggregated for $10,000 Reporting Threshold
- Includes all PRF payments under General and Targeted Distributions
- General Distributions include:
- 1st Tranche of $30 Billion
- 2nd Tranche of $20 Billion
- Medicaid, Dental and CHIP Distribution
- Targeted Distributions include:
- High Impact Distribution (Hospitals)
- Rural Distribution
- SNF Distribution
- Indian Health Service Distribution
- Safety Net Hospital Distribution
- HHS will Release Detailed Reporting Instructions by 08/17/2020
- Data collection template and data elements will be provided
- Webinars with Question and Answer sessions will be available
- Report Submission Process and Due Date
- Online reporting system will be become available for use on 10/01/2020
- Report will cover the calendar year ending on 12/31/2020
- Reports are due 45 days after 12/31/2020, or no later than 02/15/2021
- Reports may be submitted early if all funds have been used
- If all funds are used by 12/31/2020, only one report will be necessary
- If funds remain at 12/31/2020, a final report will due by 07/31/2021
- View the Notice of Reporting Requirements is available here
- Note - Single Audit Requirements apply to recipients of >$750,000
- For HHS FAQs on Audit and Reporting requirements, click here
$5 Billion in New CARES Act Funding for Nursing Homes
- Nursing homes must participate in COVID-19 Training to qualify
- This training will be online, self-paced and on-demand
- Will include 23 modules and scenario-based learning
- Intended to focus on infection control and best practices
- Certificate of completion and recognition badges included
- This training is required to receive additional CARES Act funding
- Specialized technical assistance will also be available to participants
- View the 07/22/2020 CMS Press Release is available here
The Healthcare Division at Saltmarsh can help:
- Prepare reports required by recipients of >$10,000 in CARES Act funds
- Ensure appropriate accounting for relief funds under GAAP
- Identify other available COVID-19 relief programs you may have overlooked
- Comply with Single Audit requirements for recipients of >$750,000
- Help you benefit from all available resources to meet ongoing challenges!
If you have questions about your particular circumstances, please contact our team or call (800) 477-7458.
Visit our COVID-19 RESOURCE HUB for ongoing updates and information. Due to the ever-changing nature of this event, you should always consult a professional.
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