As we posted last month, the HHS announced that additional Provider Relief Funds are available to healthcare professionals. You can read that post at: https://schwartzaccountants.com/2020/10/hhs-announces-additional-provider-relief-funds-application-due-11-6/.
Phase-3 has been expanded to include previously ineligible providers including behavioral health practitioners and also those healthcare providers that began practicing during the first quarter of 2020.
The deadline to file the online application is Friday November 6th. This is a great opportunity for eligible practices that haven’t submitted for this subsidy yet and should now receive a taxable grant equal to 2% of their 2019 patient revenue. To file, please first download a copy of your 2019 tax return that reflects your practice income. Next, generate two quarterly Profit and Loss reports either from your QuickBooks or using Excel – one for the first two quarters of 2019 and a second for the first two quarters of 2020. As part of competing the online application, you’ll upload PDFs of your tax return and both P&L reports.
More info is available at https://www.hhs.gov/sites/default/files/provider-distribution-instructions.pdf and https://www.hhs.gov/sites/default/files/terms-and-conditions-phase-3-general-distribution-relief-fund.pdf?language=en. As always, feel free to submit this online application on your own. Or we can submit the application on your behalf for a fee of $500 per application filed.
Please remember that according to the HHS at: https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/reporting-auditing/index.html, “All recipients of more than $10,000 of Provider Relief Fund (PRF) payments are required to comply with the reporting requirements described in the Terms and Conditions and specified in future directions issued by the Secretary.”
Required reporting includes lost revenues and/or expenses attributable to coronavirus, as well as other assistance and subsidies received during 2020.
- January 15, 2021: reporting system opens for providers
- February 15, 2021: first reporting deadline for all providers on use of funds
- July 31, 2021: final reporting deadline for providers who did not fully expend PRF funds prior to December 31, 2020
For more info about the HHS Provider Relief Fund subsidies, please view the summary of reporting guidelines for payments exceeding $10,000 – PDF or the Final Reporting Data Elements – PDF.