Smart Ppp Single Audit

The CARES Act created the Paycheck Protection Program PPP to provide loans to assist businesses and not-for-profit NFP organizations through the current crisis. However loans made to NFPs under the Economic Injury Disaster Loan EIDL program are considered a direct loan. PPP loans are not subject to the single audit requirements but EIDL loans and certain other CARES Act funds are considered federal financial assistance and are subject to the Uniform Guidance single audit requirements.

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Funds received through Economic Injury Disaster Loans EIDL will be subject to these requirements.

Ppp single audit. Therefore the loan amount does not count toward the 750000 in federal expenditures threshold that would trigger a Single Audit. Per OMB Memo M-20-26. EIDLs could be used for working capital or normal operating expenses during the COVID-19 pandemic plus other costs for other disasters.

Accordingly you should not consider your PPP loan when calculating whether you meet the 750000 Single Audit threshold. It aims to provide assurance to the federal government that a non-federal entity has the right internal controls in place and is generally in compliance with the requirements of a federal program like the PPP. Note that PPP loans are not subject to Single Audit requirements since such loans are provided through local financial institutions.

The Single Audit is a strict and comprehensive financial statement and federal awards audit which must be completed by any entity or organization that expends 750000 or more in federal funds in one year. May 20 2020. In other words they will be subject to single audit requirements.

These audit requirements would begin in the fiscal or calendar year that an entity expends 750000 or more in federal awards. In the United States the Single Audit Subpart F of the US. These awards have been funded through the Provider Relief Fund the Coronavirus Relief Fund and the Education Stabilization Fund.

Fortunately the SBA has recently communicated to the AICPAs Governmental Audit Quality Center GAQC that the PPP loans issued to non-profit organizations are not considered federal funds. As an example although PPP awards are not subject to the single audit consideration needs to be made to ensure that an entity has an adequate expense tracking system in place to reduce the risk of double dipping. Many of our nonprofit clients have been asking whether PPP loan proceeds are subject to the Uniform Guidance single audit requirements.

For those organizations that have never had a single audit the audit will be required if total federal expenditures and loans exceed 750000 in the fiscal year. 404 stated that Paycheck Protection Program PPP loans made to NFPs are not subject to the Uniform Guidance single audit requirements. According to the Treasury Department a safe harbor of less than 2 million for PPP loans will exist.

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