U.S. Treasury Releases CARES Act Guidance and FAQs
August 13, 2020
On July 2, the U.S. Treasury Office of Inspector General (OIG) released its reporting and retention requirements for the Coronavirus Relief Fund (CRF). These requirements were updated on July 31 and a new Frequently Asked Questions (FAQ) document was released this week. The FAQ has two main updates worth noting:
- Additional clarification on using CRF dollars for the non-federal FEMA matching requirement: Specifically, the guidance states that states and counties are fully permitted to use payments from the CRF to satisfy 100 percent of their cost share for lost wages assistance recently made available under the Stafford Act.
- Clarification on incurred costs and grant programs: The guidance states that a grant made to cover interest and principal costs of a loan, including interest and principal due after the period March 1, 2020 to December 30, 2020, will be considered an “incurred cost” during the covered period.