Yes, if funds were held in an interest-bearing account, they would be considered reportable revenue. If interest was earned on Provider Relief Fund disbursements that the Reporting Entity expended in full, the interest amounts may be retained and applied toward a reportable use of funds.
If interest is earned on funds that are only partially expended, the interest on remaining unused funds must be calculated, reported, and returned.
Recipients of ARP Rural and PRF Phase 4 payments are required to hold those payments in an interest-bearing account per the Terms and Conditions. Reporting Entities must report on the dollar value of interest earned on all retained ARP Rural payments, separately from Provider Relief Fund Distributions. The total reportable amount of ARP Rural and Provider Relief Fund payments will include the interest earned.
(Modified 10/27/2022)