COVID-19 Client Alert: Preparing for Increased CARES Act Oversight
Smith Pachter McWhorter – The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “the Act”) will provide more than $2 trillion in relief to those hardest hit by the economic impacts of the COVID-19 pandemic. Under the CARES Act, the federal government will provide checks to an estimated 150 million American households, set up loan programs for businesses, increase unemployment insurance programs, provide funds to hospitals and local governments, among other actions. As the largest economic stimulus package in history, there is a natural focus in the Act on making sure that funds are used for their intended purpose. To address this concern, the Act created three new oversight bodies: the Office of the Special Inspector General for Pandemic Recovery within the Treasury Department (“SIGPR”); the Pandemic Response Accountability Committee (the “PRAC”); and a Congressional Oversight Commission.
