Recent headlines state that $191 billion in pandemic unemployment insurance was lost to fraud. Not exactly. In this Department of Labor Office of Inspector General's Congressional Testimony, around $76 billion of that is classified as fraud. The rest of those funds are referred to as improper payments.
Identity fraud has been rampant during the Pandemic. Our Identity Fraud Reduction and Redress Working Group provides insights agencies can use to keep you, your identity, and the benefits you deserve safe.
While you may have heard them referred to as stimulus checks, the Economic Impact Payments were, for the most part, direct deposited into bank accounts or sent out as bank cards. More than 476 million payments totaling $814 billion in financial relief went to households impacted by the pandemic. The Internal Revenue Service based the amounts that individuals received on income, tax filing status, and number of children (or qualifying dependents, like a relative).
Here’s a look at some programs designed to help individuals and businesses recover financially from the pandemic. Some ended as required by law, and others ran out of money and are no longer accepting applications.
The PRAC’s Financial Sector Oversight working group released a new video of a stakeholder listening forum entitled, “Pandemic Response: Perspectives from the Banking Industry.”
The Internal Revenue Service has been sending out the second round of stimulus payments that were part of the Coronavirus Response and Relief Supplemental Act of 2021.
We co-hosted a virtual panel discussion with the National Academy of Public Administration (NAPA) on the public’s experience applying for financial assistance from different pandemic relief programs. Learn more and view the video for this event.
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.