Episode 040: The CARES Act: What Are Provider Relief Funds?

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Since the CARES Act was passed earlier this year, one of its programs, the Paycheck Protection Program (PPP), has received the most attention, but it certainly isn’t the only form of relief that the federal government provided in the pandemic.

Less likely to show up in your Facebook news feed and farther away from the spotlight (but just as important), is the Provider Relief Fund, which was created to provide funding to healthcare service providers impacted by the pandemic.

While this aid provides some much-needed relief to healthcare providers, the funding received could trigger some additional reporting requirements that healthcare providers may not have been subject to in the past.

So, what does that mean for organizations that received these funds?

Our guest, Carol Phillips, CPA, CFE, joins our hosts in this episode of The Wrap to discuss what healthcare providers should know about the Provider Relief Fund and what they can expect when it comes to the audits and reporting requirements that will ensue.

After listening to this episode, you’ll be able to:

  • Have a basic knowledge of the Provider Relief Fund and how it’s outlined in the CARES Act
  • Understand reporting and audit requirements related to these funds
  • Know the difference between Single Audits for nonprofit entities and for-profit entities
  • Understand how Single Audits are different than other financial statement audits
  • Anticipate how to prepare for this kind of audit if your organization has never had one before

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