The CARES Act allocated $100 billion to the Public Health and Social Service Emergency Fund (or ‘Provider Relief Fund’) to remain available until expended.
The purpose of the funds is to prevent, prepare for, and respond to the coronavirus pandemic by providing funds for healthcare providers for healthcare-related expenses and lost revenues attributable to coronavirus.
On April 24, 2020 the PPP and Health Care Enhancement Act allocated an additional $75 billion to the Provider Relief Fund.
Another $3 billion was allocated from the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.
There are three types of audits that may be required:
- Single audit
- Program-specific audit
- Financial audit in accordance with GAGAS (Generally Accepted Government Auditing Standards)
What Can You Do Now?
- Be familiar with the regulatory, accounting, and auditing requirements
- Utilize your resources and published guidance, including reviewing the requirements under HHS’s terms and conditions and FAQs
- Summarize all of your federal awards by awarding agency and grant (dollars received and expended)
- Document all activity and support for decisions/assumptions
Information Required for Assessment by Briggs & Veselka
- Year end
- Entity type
- Basis of accounting
- Catalog of Federal Domestic Assistance (CFDA) number
- Total awarded
- Total expended in a given year
Contact Briggs & Veselka today with any questions and to see if you qualify for relief.