WEBINAR MATERIALS: CARES Fund Attestations, Tracking, and Reporting... Are You Ready?

5/21/2020

Webinar held Thursday, May 21, 2020.

The CARES Act resulted in $50 billion in general distributions to Medicare providers. These funds are grants, not loans, and were intended to help address the significant adverse consequences of COVID-19. Within a matter of a few months providers have suffered lost revenue, disruptions to service delivery, and increased expenses at a level unprecedented in recent history. While these funds were very much needed, it is important to recognize they come with strings attached to define appropriate use and protect against fraud.  

For example, all recipients will be required to attest to specific terms and conditions, provide estimates of revenues lost in March and April of 2020, upload tax return data, and (for those receiving more than $150,000) to comply with quarterly reporting requirements, which have yet to be defined. The first attestation deadline is May 24, 2020 – the date by which recipients must attest to the terms and conditions for the first tranche distributed on April 10, 2020. Are you prepared to attest and comply?  

Our webinar, presented by the Saltmarsh Healthcare leadership team of Claudia Reingruber, CPA, CHC, Al Grimes, and Andrew Kent, Esq., CVA, will focus on the key aspects of the terms and conditions including:

  • Extended due dates for the first and second tranche of CARES Act general distributions
  • Attestation procedures and other data to be uploaded to the Department of HHS
  • Answers to common questions, including: 
    • How are “lost revenues” in March and April of 2020 to be calculated?
    • What date has been established to begin tracking costs?
    • What costs should be tracked and how can this be efficiently accomplished?


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