Reporting Requirements for Emergency COVID-19 Funds
Congress in April allocated more than $100 billion to the Provider Relief Fund, which was part of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. If you or your practice received more than $10,000 in financial assistance related to COVID-19 from the federal Provider Relief Fund, the U.S. Department of Health and Human Services (HHS) this week provided information on how to report those funds.
Based on the program’s terms and conditions, all recipients will have to report how they used the funds by Feb. 15, 2021, HHS said. Practices that have not fully spent the funds before the end of 2020 will have until July 31, 2021, to report, the agency said.
Practices will be required to report following data related to COVID-19:
-Lost revenue, including from patient care and health plans;
-Expenses attributable to the pandemic, such as general and administrative expenses, and those related to health care;
-Basic organization information, including taxpayer identification number, fiscal year-end date, and federal tax classification; and
-Other assistance received, such as from the Paycheck Protection Program, the CARES Act, and local and state assistance.
Practices that received more than $500,000 will be required to report additional expenses, including mortgage or rent, personnel, supplies, and equipment, HHS said.