Managing CARES Act Stimulus Funds: Preparing for Robust Federal Oversight

    April 2020

    On March 27, 2020, the President signed the much-anticipated Phase 3 of the coronavirus disease 2019 (COVID-19) stimulus package (the Coronavirus Aid, Relief, and Economic Security Act [CARES Act]), injecting US$2 trillion into all aspects of the economy – from the airline industry to banks to small businesses to state and local governments. With an experience-based understanding that quickly sending trillions of dollars into the US economy will inevitably result in fraud, waste and abuse, Congress included in the CARES Act mechanisms for robust and aggressive federal oversight of the stimulus funds.