HHS Relief Funds Reporting Required for Dentists
By MaryAnn Czarnota, Partner, Accounting Services
Marcum has been working closely with our dental clients to help navigate various COVID-19 related issues including economic relief.
As dental practices are now back to seeing patients for a full range of services, it has been daunting for practice owners to navigate through the options and determine applicability of the various government loan assistance programs available.
The main programs currently available to practice owners are the Paycheck Protection Program (PPP) and the Emergency Injury Disaster Loan (EIDL) program, along with other forms of assistance such as stimulus funds from the U.S. Health and Human Services (HHS) and the Provider Relief Fund (PRF).
The American Dental Association had been lobbying for stimulus funds from the U.S. Health and Human Services (HHS) for the dental community. These efforts were successful, since dental providers were allowed distributions during the second phase of the PRF program as of July 10, 2020. There have been many phases to the PRF, and future phases are yet to be determined.
The PRF portal is now open, and HHS has released the new timeline for the use and reporting of funds received. For practices receiving funds between July 1, 2020, and December 31, 2020 (second phase), the deadline to use the funds is December 31, 2021. The reporting time period for the use of those funds is January 1, 2022, to March 31, 2022.
Practices must keep track of eligible expenses and ready themselves for when the reporting window opens. Funds should be used to reimburse the practice for COVID-19 related expenses and can also reimburse for lost revenue. Practice owners will be required to certify to their adherence to the regulations of the stimulus package and cannot claim expenses that have otherwise been covered by PPP and EIDL money.
Marcum continually monitors the effects of the coronavirus on the dental industry and will remain a vital resource for your practice.