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.