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A little-known tax credit. A lot of potential fraud.
The CARES Act created a tax credit to keep employees on payroll during the pandemic. The Internal Revenue Service (IRS) recently warned employers to look out for scammers using the credit to promise tax savings that are too good to be true.
PRAC Posts State and Local Pandemic Spending Data, Shedding More Light on How CARES Act and American Rescue Plan Act Money Was Spent
Michael E. Horowitz, Chair of the Pandemic Response Accountability Committee (PRAC) announced the public release of updated Coronavirus Relief Fund (CRF) spending by states, eligible local governments, Tribal governments, the District of Columbia, and U.S. Territories.
How to find award data by pandemic legislation.
As pandemic legislation was passed, starting with the CARES Act in March 2020, the Office of Management and Budget (OMB) assigned a code to identify each of the six laws. These codes, known as Disaster Emergency Fund Codes (DEFC), are used to track the spending funded under each legislation. Many of the codes were further refined through the description of the code, as "Emergency" or "Non-emergency."
Two-Year Mark of the CARES Act and the Creation of the Pandemic Response Accountability Committee
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted. It distributed $2.1 trillion to individuals, businesses, schools, and state and local governments to respond to the effects of the pandemic.
CARES Act One Year Later
One year has passed since the CARES Act was enacted, introducing $2.1 trillion in taxpayer dollars to help people, businesses and the economy recover from the pandemic. We hosted a virtual event on the one-year anniversary of the CARES Act and of pandemic response, featuring panels on the economic impact of the $5T in pandemic funding and the successes and challenges in overseeing the spending. If you missed the event, we invite you to watch the recording.
Pandemic Response: Housing Insights
In the last of a three-part series where experts share perspectives on pandemic relief legislation, panelists who are experts in housing issues share their recommendations.
Pandemic Response: Perspectives from the Banking Industry
The first in a series of virtual panels with banking and financial services experts, this panel included speakers from lenders and financial institutions that administer programs established or expanded through pandemic relief legislation. Panelists represented a variety of views ranging from community banks, minority depository institutions, and large financial institutions. Learn more and view the video.
Pandemic Response: Perspectives from Small Business Borrowers
Speakers representing the perspective of small business borrowers share their experiences with programs like the Paycheck Protection Program and Economic Injury Disaster Loan and give recommendations to improve pandemic response programs.