The COVID-19 national emergency declaration and the $2 trillion stimulus package including the Coronavirus Aid, Relief, and Economic Security (CARES) Act made available a multitude of overlapping funding sources to address costs associated with the ongoing response to COVID-19 by eligible entities (including state and local government, healthcare facilities, and private non-profits).
What is Portfolio Management?
Portfolio management is a centralized process that manages multiple programs and projects to achieve an overarching strategic objective. Portfolio management merges strategic objectives with execution of activities that support those objectives.
Why Portfolio Management is Right For Your COVID-19 Projects
Implementing a Portfolio Management approach will enable you to examine all funding streams, federal regulations and map expenses for the most effective use of CARES Act allocations, FEMA Public Assistance (PA) and HUD Community Development Block Grant-Coronavirus (CDBG-CV) opportunities.
With different funding sources available and some covering the same type of expenses, or the exact same expenses to a varying degree, the portfolio management approach helps to ensure that duplication and return of funds years later is avoided.
With portfolio management, the funding (CARES Act, FEMA PA and CDBG-CV) expenses are prioritized and tracked by type. Utilizing this approach, subrecipient needs can be identified and guidance provided for effective use of funds while reducing gaps in reimbursement.
Why Tidal Basin?
Our team of portfolio management experts can help you navigate the web of overlapping funding sources and create a portfolio that is easy to manage and monitor all COVID-related activities.
We possess the program and regulatory knowledge and have relationships with federal and state officials and key stakeholders — enabling us to develop a coordinated and actionable portfolio plan. Tidal Basin provides the vital link between:
- Short and long-term recovery strategies Application of relevant laws, regulations, and policies
- Program management
- Project management
- Technical assistance to subrecipients
Federal Funding Available for COVID-19 Expenses
FEMA Public Assistance (PA)
Costs potentially eligible for reimbursement under the FEMA Public Assistance (PA) program include:
- Labor/Supply Costs for mass care operations including PPE
- Measures Taken to protect patients and staff
- Overtime Paid to employees caring for COVID-19 patients
- Contractor Costs related to emergency protective work
Items to note for FEMA PA funding:
- Specific cost centers should be established to properly capture disaster-related charges for labor, supplies, pharmaceuticals, and equipment to prepare for eventual audit.
- Costs you incur to prepare for COVID-19 may be eligible for reimbursement, even if your facility never encounters a COVID-19 patient.
- Vendor / Consultant costs are eligible for reimbursement under this declaration.
- Federal procurement regulations permit entities to issue emergency contracts for exigent circumstances.
The CARES Act contains numerous healthcare provisions related to the reimbursement of expenses or lost revenues attributable to COVID-19 and not reimbursable by other sources. These include:
- $100 billion in direct funding for healthcare providers
- $27 billion in funding for countermeasures and vaccines, medical surge capacity, workforce modernization, telehealth access and infrastructure, novel dispensing methods, blood supply chain measures, and other preparedness and response activities
- $275 million to increase system capacity through specific programs and rural health initiatives
HUD Community Development Block Grant-Coronavirus (CDBG-CV)
The CARES Act made $5 billion available in CDBG-CV funds to aid low- and moderate-income persons and provide a flexible source of funding that can be used to pay costs not covered by other sources of assistance. CDBG-CV funding can be used for:
- Building and Improvements, Including Public Facilities
- Assistance to Businesses, Including Special Economic Development Assistance
- Public Services (15% Cap Removed for COVID Response) Planning, Capacity Building, and
- Technical Assistance
Examples of Our Experience
- U.S. Virgin Islands (USVI) Portfolio Management: Providing portfolio management consulting for recovery and reconstruction programs and projects utilizing multiple federal funding streams including FEMA Public Assistance (PA), FEMA Hazard Mitigation Grant Program (HMGP), Federal Highway Administration Emergency Relief (FHWA-ER) and the HUD Community Development Block Grant-Disaster Recovery (CDBG-DR).
- Puerto Rico Electric and Power Authority (PREPA): Providing program management expertise and oversight on all aspects of the Commonwealth’s FEMA Public Assistance program including grants management, project formulation, policy strategy, and the 404 HMGP.
- State of New York: For more than 10 years, we have managed multiple programs with various funding streams for multiple disasters, including Sandy.
- State of Tennessee: Providing FEMA PA consulting for the state’s recent tornado disaster declaration and the simultaneous COVID-19 declaration. Resolving issues related to parsing captured costs between the PA and CARES Act programs.
Please contact us for additional information and guidance.