Reports
Audit of the Direct Loan Program
The Office of the Special Inspector General for Pandemic Recovery is assessing the Department of the Treasury's Direct Loan Program, which provided approximately $2.7 billion through 35 loans to passenger air carriers and related businesses, cargo air carriers, and businesses critical to maintaining national security. The objectives of the audit are to 1) determine if the processes to approve loans followed requirements under Section 4003(b) of the CARES Act and other appropriate regulations and guidance and 2) evaluate Treasury’s Direct Loan Program loan portfolio management process and determine whether it follows best practices established by the Office of the Comptroller of the Currency or other appropriate authority. As part of this effort, SIGPR is partnering with the Department of Defense OIG in reviewing the loans that were issued in the interest of national security.
Evaluation of the National Reconnaissance Office’s Implementation of Section 3610 Authorized by the Coronavirus Aid, Relief, and Economic Security Act
The National Reconnaissance Office (NRO) Office of Inspector General (OIG) is conducting an evaluation of the NRO’s implementation of section 3610 authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The objectives are to evaluate the NRO’s implementation of section 3610 authorized by the CARES Act and to identify preliminary impacts to NRO mission.
Audit of DoD Implementation of Section 3610 Authorized by the Coronavirus Aid, Relief, and Economic Security Act
We plan to begin this audit in May 2020. The objective of this audit is to assess DoD’s implementation of section 3610 as authorized by the Coronavirus Aid, Relief, and Economic Security Act, including whether contracting officers properly authorized and reimbursed contractor costs. We may revise the objective as the audit proceeds, and will also consider suggestions from management for additional or revised objectives.
Evaluation of the Hardest Hit Fund Status and Wind Down Planning
Treasury reports that the Hardest Hit Fund is in a wind down status. SIGTARP will evaluate the status of the program, and Treasury’s planning of the program’s wind down. This will include, for example, TARP dollars remaining to be spent by state agencies, as well as current and estimated future program activity. It will also review Treasury’s direction and guidance to state agencies for wind down planning, and the state agencies’ response.