Reports
Evaluation of the Paycheck Protection Program Liquidity Facility’s (PPPLF) Credit Extension Repayment and At-Risk Loan Monitoring Efforts
In response to the COVID-19 pandemic, the Board established the PPPLF to extend credit to financial institutions that originate loans through the U.S. Small Business Administration’s guaranteed Paycheck Protection Program (PPP), taking the PPP loans as collateral. The PPPLF, managed by the Federal Reserve Bank of Minneapolis and operated out of the 12 Federal Reserve Banks, distributed billions of dollars to eligible lenders. We will assess the effectiveness of internal controls to (1) determine lender eligibility, extend credit, and process repayments and (2) identify at-risk advances, handle instances of nonpayment, and detect and mitigate fraud. We also plan to assess the extent to which the Federal Reserve System coordinates with the U.S. Small Business Administration to determine lender eligibility, recover losses due to nonpayment, and detect and mitigate fraud.
Tracking Pandemic Relief Funds that Went to Local Communities Reveals Persistent Data Gaps and Data Reliability Issues
FRAUD ALERT FOLLOW-UP: Improved Sharing of Death Records and Use of the Do Not Pay System Would Strengthen Program Integrity and Better Protect the Public
Following Established Processes Helped FRB New York and the Board Reduce Risks Associated With Lending Facility Contracts
FRAUD ALERT: PRAC Identifies $5.4 Billion in Potentially Fraudulent Pandemic Loans Obtained Using Over 69,000 Questionable Social Security Numbers
Insights on Telehealth Use and Program Integrity Risks Across Selected Health Care Programs During the Pandemic
The CFPB Implemented Safety Measures in Accordance With Its Reentry Plan
Personnel Shortages for Federal Health Care Programs During the COVID-19 Pandemic
Personnel supporting Federal health care programs are a resource critical to the Federal COVID-19 pandemic response efforts. Health care facilities must be prepared for potential personnel shortages and must have plans and processes in place to mitigate these shortages to combat the COVID-19 pandemic and future pandemics. The PRAC will coordinate a review of four Federal health care programs to determine whether these programs, or the providers they reimburse, experienced shortages in health care personnel during the pandemic, the impact of those health care personnel shortages, and strategies used by the Departments to reduce shortages of health care personnel for future pandemics.