The President signed the bipartisan CARES Act on March 27, 2020, providing $100 billion in relief funds to America’s healthcare providers and facilities in response to COVID-19. On July 22, 2020, the Department of Health and Human Services (HHS) updated their Frequently Asked Questions (FAQ) page with important information regarding the applicability of Single Audit requirements for entities receiving Provider Relief Funds under the CARES Act.
Both non-for-profit and for-profit entities who have received and expended more than $750,000 in Provider Relief Funds (CFDA 93.498) within a fiscal year will be required to have a single audit completed on these funds.
See below for frequently asked questions:
Our team of experts hosted a webinar on August 13, 2020 to provide more information about the Single Audit process and walk through these new requirements. If your organization is new to Single Audits, we highly recommend that you watch the webinar recording.
In addition, we will inform you of a follow-up webinar later in the coming months after the 2020 Compliance Supplement that includes CARES Act procedures is released.
For more information on Provider Relief Funds follow the link below: