Reports

Implementing the Coronavirus Aid, Relief, and Economic Security (CARES) Act is among the Department of Transportation’s (DOT) highest priorities in this time of national emergency. The CARES Act provides DOT with over $36 billion to prevent, prepare for, and respond to COVID-19 across all modes of transportation. To its credit, DOT swiftly distributed these funds and has begun implementing the Act’s requirements to provide much-needed relief to American workers, families, and businesses. As the Department is aware, the volume of CARES Act funds and the speed with which the funds have been...

On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Among its provisions, the CARES Act provided the U.S. Department of the Interior (DOI) with $756 million to support the needs of DOI programs, bureaus, Indian Country, and the Insular Areas.This report presents the DOI’s progress as of May 31, 2020, in spending CARES Act appropriations. Specifically, the DOI’s expenditures to date total $337,105,190 and its obligations total $448,680,794.We are also monitoring the DOI’s progress on reporting milestones established by the CARES...

Memorandum: The Office requests the legislature add an explicit requirement in all future bills authorizing the expenditure of COVID-19 funds. The State Auditor’s Office must have access to records that relate to eligibility for and use of economic recovery grant funds.

Memorandum: There is desire to inject the CARES Act funding into the community as soon as possible. However, some aspects of this bill raise concerns about risk that deserve your consideration. Creating the program and appropriating $50 million before the Tax Department has established “a formula for determining the amount of grant awards” is a significant delegation of authority without any guidance.

Memorandum: The recently issued U.S. Treasury Coronavirus Relief Fund FAQ1 has implications for the Governor’s proposed Economic Injury Disaster Loan (EIDL) program. As proposed, the Vermont EIDL program to be administered by the Vermont Economic Development Authority (VEDA) establishes a perpetual revolving loan fund. However, the FAQ indicates that all loan repayments subsequent to December 30, 2020 must be returned to the U.S. Treasury.