Reports
The IRS Continues to Reduce Backlog Inventories in the Tax Processing Centers
Action Is Being Taken to Address the System Limitation That Contributed to the Destruction of Tax Year 2019 Paper‑Filed Information Returns
COVID-19: Enhanced Controls Could Strengthen USAID’s Management of Expedited Procurement Procedures
Controls over the Social Security Administration’s National 800-number Service During the COVID-19 Pandemic
Processing of Recovery Rebate Credit Claims During the 2022 Filing Season
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.