Revised Deadlines and Updates

How Many Times Do We Update Information from the IRS, PPP, HHS, SBA, etc.?

HHS Provider Relief Funds Update

This update is courtesy of HHS. Like many of our clients, if you received HHS dollars, you have probably received an email thanking you for all you are doing and letting you know the new and improved reporting requirements for the payments received from HHS (aggregate payments $10,000 or more PER period). You may recall this was originally supposed to be reported in January 2021 and then nothing happened to allow that.

Basically, the reporting requirements were extended. Filing requirements are based on WHEN you received the money from the HHS and the amount received. Here are the new reporting dates:

Period 1: If you received $10,000 or more prior to July 1, 2020 from HHS, you can report the expenses paid with that money beginning on July 1, 2021. The forms are not yet available at the time of this e-Blast. You have 90 days to report the expenses. Generally, this first round of money was received if you accept Medicare for patients. If you received less than $10,000 during this period of time, you do NOT need to report expenses.

Period 2: If you received $10,000 or more after July 1, 2020 and before December 31, 2020, you now have until December 31, 2021 to spend the money. You will report the associated expenses after January 1, 2022. If this applies to you, this will take the pressure off to spend and submit the expenses any time soon. During this time period, HHS opened up money for all dentists so many of you fall into this category. If you have already spent the money as required, you still must wait until January to report the expenses.

Period 3: HHS allowed a third allotment for dentists. If you received money from HHS between January 1, 2021 and June 30, 2021, you will report expenses starting in July 1, 2022.

There are 4 periods for receiving HHS funds but the 4^th is in the future. More information will be available at a later date.

Again, you cannot file early. Once you establish that you received an aggregate of $10,000 or more within the designated period, you have 90 days to file within the filing period. If you received less than $10,000, there is NO filing requirement.

Here is our example to help you understand the updated rules:

1. The office received $7,000 in period 1.

2. Another $20,000 was received in period 2.

3. A final amount of $22,000 was received in period 3.

Your filing requirements are as follows (for this example).

1. Period 1 – nothing needs to be filed since the amount is less than $10,000.

2. Period 2 - $20,000 of expenses will be reported through the portal after July 1,

2021 (within 90 days).

3. Period 3 – the final $22,000 of expenses must be reported after January 1, 2022,

within 90 days.

The HHS reporting requirement details can be found HERE in addition to the email you received from the HHS.

It is recommended that you register using the PRF Portal PRIOR to your reporting dates.

PPP Reminder

Please remember if you do not qualify for the ERC, go ahead and apply for forgiveness for your PPP loan received in 2020. If you do qualify for ERC, we are working our way through them so please be patient. We will notify you as we complete the calculation.

Happy Summer! We hope your way of life is getting back to normal and you have time to enjoy travels, beach, gardening (we still remember our contest for best yards last year!) or whatever else you relish with your free time.