Applications for the $20 Billion CARES Act Phase 3 General Distribution are duethis Friday, November 6, 2020 via the CARES Act portal. Applicants will first receive the amount necessary to raise aggregate General Distribution payments to 2% of revenue from patient care. With the remaining balance of the $20B, HHS will then calculate an “equitable add-on payment” that considers a provider’s change in operating revenues and expenses from patient care and other payments received through PRF distributions.
HHS has not yet released a formula for this portion of the payment. Therefore, Advis encourages providers to apply for this fund immediately. Do not miss out on any potential funding for which you may be eligible. Advis is available to assist you in preparing applications in advance of the deadline.
For more detail on the application/instructions, review HHS links here:
In addition to preparing Phase 3 applications due Friday, many providers are building strategies for utilizing and reporting on CARES Provider Relief Funding already received. To this end, HHS released valuable clarifying information late last week.
With the release of approximately 60 new FAQs, HHS addresses many long-standing questions, including the “order of operations” with FEMA and other grant sources, as well as best practices for calculating “expenses attributable to coronavirus not reimbursed by other sources” by means of comparison to historical baselines.
Advis is available to assist you and your organization in navigating the complex framework of guidance now surrounding these Provider Relief Funds. Let Advis help design the COVID relief strategy for you that best optimizes these funds in relation to other funding sources. Please contact a member of our COVID task force with questions or for more information.