Capital Medical Society Virtual Lunchtime Learning Seminar – April 21, 2021
Originally published on June 15, 2021
Updated on October 30th, 2023
Topic: What’s the Cure? Proper Reporting and Use of Your COVID Funding
Speakers: Nadia Batey, CPA, Partner and Jay Hutto, CPA, Partner with James Moore & Co.
Sponsored by: TMH Federal Credit Union (https://www.tmhfcu.org)
The CARES Act introduced two critical assistance programs in the midst of the Coronavirus pandemic. Provider Relief Funds (PRF), issued by the Department of Health & Human Services, provided a much-needed cash infusion for physician practices over the past year. Meanwhile, the Paycheck Protection Program (PPP) helped many businesses stay afloat in the face of plummeting revenues.
However, PRF funds have specific and stringent reporting and auditing requirements once certain thresholds are met. And while PPP loans are not taxed if the funds are used appropriately, there are specific guidelines you must follow to avoid penalties.
With additional guidance being released regularly, it’s hard to stay on top of what you need to do. During this presentation, we’ll provide the most recent update on reporting of PRF payments, a refresher on how these funds can be used, expanded definitions of non-payroll expenses for PPP purposes, loan forgiveness, and any tax and reporting requirements resulting from PRF and PPP.
Learning Objectives: After our presentation, you’ll be able to:
• Separately track PRF and PPP funds;
• Understand PRF reporting requirements and PPP forgiveness process;
• Assess eligibility for PPP2
• Review tax liability obligations of any PPP and PRF funding received; and,
• Assess the tax implications to a medical practice if it received both PRF and PPP money – and how this could affect loan forgiveness or the repayment of PRF funds
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