The government is throwing you another bone to dig out from all of your pandemic losses and operating expenses.
The Department of Health and Human Services (HHS) announced an additional $20 billion for provider relief phase 3 funding. But with a short deadline, your chance for securing additional or first-time money is running out! HHS Money FAQ.
Take advantage of this new CARES Act related HHS money now with answers to these frequently asked questions (FAQs).
Who Gets Money Next?
HHS is accepting applications for phase 3 funding through November 6th. That’s just around the corner so if you plan to apply, do it ASAP. The money is available on a first-come, first-serve basis. The sooner you get your application in, the sooner HHS can expedite your funds.
Plus, the funds are being distributed using the following criteria:
- Previous Small Loan Recipients: If you received Provider Relief Fund (PRF) distributions totaling less than 2 percent of your patient care revenue, you’ll be the first to get approval for additional funds to top off those amounts.
- Care Costs, Prior Standard Funders: Then, you could secure an additional payment from the remaining $20 billion balance that will be calculated based on:
- your change in patient care operating revenues
- your change in operating expenses from patient care, including expenses you incurred that are related to the coronavirus
- your previously received payment from prior Provider Relief Fund distributions
Who Qualifies for Funds?
You might have been ineligible for previous HHS provider relief funding, but don’t let that stop you from this new round of money. HHS expanded eligibility for phase 3 funding so now you could qualify.
You’re eligible for phase 3 funding provided you meet any of these requirements:
- No or Limited Money: You previously received, rejected, or accepted a General Distribution Provider Relief Fund payment. If you’ve already received payments of approximately two percent of annual revenue from patient care, you may qualify for an additional payment.
- Specialty: You’re a Behavioral Health provider (whether a new provider or one that previously received funding).
- New Provider or Practice: You began practicing January 1, 2020 through March 31, 2020 (including Medicare, Medicaid, CHIP, dentists, assisted living facilities and behavioral health providers).
Do You Need to Submit Another Application?
IMPORTANT: Even if you already submitted revenue details for a prior provider relief fund distribution, you will need to submit a new application. You must submit your funding application through the online portal, but you can preview an application first to see what information is required.
Some of the supporting information and documentation you’ll need to apply for the Stage 3 funding information include:
- Your Tax ID Number (TIN)
- CMS Certification Number (CCN), if applicable
- Your most recent federal income tax return for 2017, 2018, or 2019, unless you are exempt
- Patient care operating revenues and expenses
- Revenue worksheet (if required by Field 15)
Will You Have to File a Financial Report?
Be sure that you take action if you receive a provider relief payment. You have ONLY 90 days to accept or reject the funds. And doing nothing is considered affirmative; if you do nothing, HHS will assume you accept the funds and their Terms and Conditions, some of which state:
- You must have provided diagnosis, testing, or care for patients with possible or actual cases of COVID-19 on or after January 31, 2020.
- You must use the payment for purposes that prevent, prepare for, and respond to coronavirus, or accept the funds as reimbursement for health care related expenses or lost revenues attributable to coronavirus.
- You can’t use the payments for expenses or losses that you got reimbursed from other sources.
- You agree that HHS can publicly disclose your disbursement.
Remember, to add a reminder to your calendar for the funding follow-up due dates. If you receive $10,000 or more, you’ll need to comply with HHS reporting requirements and report lost revenue and losses due to COVID-19. HHS Money FAQ.
Some key reporting dates to put on your radar:
- January 15, 2021: Reporting system opens
- February 15, 2021: 1st reporting deadline on your fund usage
- July 31, 2021: Final reporting deadline if you do not fully use your funds prior to December 31, 2020
What Additional Reporting Rules Apply?
You can’t afford to make even one mistake and get your application denied – or violate reporting requirements. There is more help available from healthcare attorney, Kristyn DeFilipp, Esq. During her upcoming training, “Secure HHS Provider Relief Funds by Nov. 6 Application Deadline,” she’ll walk you through the EXACT steps of the provider relief funding application process and reporting requirements.
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