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.
