Treasury, SBA and Justice IGs warn of billions of dollars of CARES ACT fraud

“Inspectors general serving on the Pandemic Response Accountability Committee sprinted weeks after the CARES Act passed to build the infrastructure needed to oversee about $3 trillion in coronavirus spending.”

“Nearly half a year later, and following a rocky start for its leadership, the watchdogs on the PRAC are refining its tools for oversight and transparency. A recent update to its website now allows users to search for COVID-19 spending in their area by ZIP code, and the committee has also released a roadmap for its work over the next five years.”

“IGs on the committee, meanwhile, continue to send up red flags on COVID-19 spending. The Small Business Administration’s IG office, for example, recently issued management alerts warning of billions of dollars potentially exposed to fraud.”

“This work underscores the fact that, even under a best-case scenario, the oversight work of the PRAC will still mean billions of dollars spent improperly.”

“Michael Horowitz, the Justice Department’s IG and the acting chairman of the PRAC, said if the committee limited fraud to 1% of what Congress authorized, that sum would be about $26 billion dollars — an amount that rivals DOJ’s annual budget…” Read the full article here.

Source: IGs on pandemic oversight board warn job well done still means billions in fraud – By Jory Heckman, September 24, 2020. Federal News Network.


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