Our audit found that loan costs claimed by the RLF operators were not allowable, allocable, and reasonable. Specifically, we found that the four operators awarded 11 of the 19 loans (58 percent), totaling $4,020,050, to ineligible borrowers that did not meet the eligibility criteria in the operators’ respective RLF operational plan, and borrowers did not use the RLF funds for the purpose intended by the CARES Act. As a result, we are questioning $4,020,050 in loan funds. In addition, we found RLF operators with 20 percent or more loans that were delinquent, in default, or written off, and EDA...

Full Details: Oversight.gov Report Page

Audit | 4/30/2025

1. - Open

1. We recommend that the Acting Assistant Secretary of Commerce for Economic Development Administration instruct the Director, Performance, Research and National Technical Assistance Division (or designee, including the Interim RLF Coordinator) to review and make a determination regarding the allowability of the $4,020,050 in questioned costs with the respective RLF operators’ loans that were made to ineligible borrowers and not used for their intended purposes.

2. - Open

2. We recommend that the Acting Assistant Secretary of Commerce for Economic Development Administration instruct the Director, Performance, Research and National Technical Assistance Division (or designee, including the Interim RLF Coordinator), to take appropriate actions for all noncompliances identified, such as suspending or terminating the RLF operator’s grant if not in compliance with federal regulations and their RLF plans.

3. - Open

3. We recommend that the Acting Assistant Secretary of Commerce for Economic Development Administration instruct the Director, Performance, Research and National Technical Assistance Division (or designee, including the Interim RLF Coordinator), to ensure EDA provides oversight of the RLF operators to ensure loans are made to eligible borrowers and used for their intended purposes.

4. - Open

4. We recommend that the Acting Assistant Secretary of Commerce for Economic Development Administration instruct the Director, Performance, Research and National Technical Assistance Division (or designee, including the Interim RLF Coordinator), to develop procedures to ensure that the Risk Analysis System identifies areas of concern (such as high delinquent, default, or write off rates) and require that appropriate corrective actions are taken to address these areas of concern.

Department of Commerce OIG

The Puerto Rico Department of Agriculture Met Pandemic Funds Requirements but Was Slow to Disburse Fishery Consolidated Appropriations Act Funds

This final report provides the results of our audit of the Puerto Rico Department of Agriculture’s (PR DOA’s) use of Coronavirus Aid, Relief, and Economic Security Act of 2020 (CARES Act) and Consolidated Appropriations Act (CAA) of 2021 funds. Our objective was to determine whether PR DOA’s costs claimed through the CARES Act and CAA funds were allowable, allocable, and reasonable in accordance with federal cost principles.3 We conducted this audit as part of a response to a congressional request. This report provides answers to congressional questions related to CARES Act and CAA funds. To...

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Reports

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EDA Needs to Improve Oversight of CARES Act Revolving Loan Funds to Ensure Loans Are Made to Eligible Borrowers and Used as Intended

EDA Needs to Improve Oversight of CARES Act Revolving Loan Funds to Ensure Loans Are Made to Eligible Borrowers and Used as Intended

The Puerto Rico Department of Agriculture Met Pandemic Funds Requirements but Was Slow to Disburse Fishery Consolidated Appropriations Act Funds

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