The Provider Relief Fund (PRF) Reporting Deadline is Just Weeks Away! Are You Prepared?

The CARES Act, passed in March last year, included $175 billion in Provider Relief Funding (PRF). Lawmakers promised that these funds would be available to providers with no strings attached so they could fight on the front lines of the COVID-19 pandemic. To no one’s surprise, that was not true. First, there was an attestation, terms, conditions, and approved expenses. Questions still remain about whether some providers will have to repay a portion of those funds back.

Fortunately, most providers will not need to repay their PRF funding, provided they complied with the terms and conditions in the attestation they agreed to last year. Remember, even if you did not sign the attestation, keeping the funds is considered a binding agreement, accepting those terms and conditions.

Although your may not have to repay your PRF funds, you may still have to report how you used those funds. Providers who received more than $10,000 in PRF are required to file a report.

The reporting and repayment deadline for unused funds is June 30th, 2021.

As a reminder – Provider Relief Funds are considered taxable income! IRS guidance on this has not changed, and it does not look like Congress will take action at this time. Your organization’s PRF distribution will be considered part of your gross income. 

The Provider Relief Fund Reporting Portal is open. You should register now, if you haven’t already, to ensure that you are able to comply with all requirements before the reporting deadline.

Do you need help with documentation, accounting, reporting or any other compliance issues? Call us today, before the deadline!