The audit concluded that the Alaska Small Business Relief Program disbursed approximately $282 million of CARES Act funds through the issuance of 5,754 grants; however, the distribution rate of grant funds fell far short of expectations. The State expected to distribute $150 million per month, yet only $18 million was distributed by the end of the program’s second month. Additionally, Results of testing found a high rate of unallowable grant awards. Auditors tested 155 grants and identified at least one error for 39 percent of the grants tested.

Federal Reserve Board & CFPB OIG

The Board Has Effective Processes to Collect, Aggregate, Validate, and Report CARES Act Lending Program Data

Full Details: Oversight.gov Report Page

Audit | 2/28/2022

Date Range

Report Type

Report Category

Submitting Agency

State (State and Local Reports)

Agency Reviewed

Management Challenges

Any Recommendations

Any Open Recommendations

Reports

FRB Minneapolis Followed Its Paycheck Protection Program Liquidity Facility Collateral Risk Management Processes and Can Enhance Monitoring and Collection Processes

The CFPB Effectively Monitors Consumer Complaints but Can Enhance Certain Processes

FRB Boston Followed Its Processes for Monitoring the Credit Quality of Main Street Lending Program Loans

The Board and FRB Boston Generally Followed Their Process for Purchasing MSLP Loan Participations but Can Formally Document Some Key Processes

Following Established Processes Helped FRB New York and the Board Reduce Risks Associated With Lending Facility Contracts

Observations on Cybersecurity Risk Management Processes for Vendors Supporting the Main Street Lending Program and the Secondary Market Corporate Credit Facility

The CFPB Implemented Safety Measures in Accordance With Its Reentry Plan

The Board Implemented Safety Measures in a Manner Consistent With Its Return-to-Office Plan

A Special Review of the Department of Commerce, Community, and Economic Development, Alaska CARES Act Small Business Relief Program

The Board Has Effective Processes to Collect, Aggregate, Validate, and Report CARES Act Lending Program Data

Glossary

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