Sec. 104. Oversight and audits
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Section 5003 of the American Rescue Plan Act of 2021 ( 15 U.S.C. 9009c ), as amended by section 103 of this Act, is amended by adding at the end the following: The Administrator shall institute an oversight and audit plan with respect to eligible entities receiving grants under this section, which shall include— documentation requirements that are consistent with the eligibility and other requirements under this section, including by requiring an eligible entity that receives a grant under this section to retain records that demonstrate compliance with those requirements; and reviews of the use, by eligible entities, of grants made under this section to ensure compliance with the requirements of this section, which shall include— the review and audit, by the Administrator, of grants made under this section; and in the case of fraud or other material noncompliance with respect to a grant made under this section— a requirement that the applicable eligible entity repay to the Administrator the amount of the misspent funds; or the pursuit, by the Administrator, of legal action to collect the misspent funds.
Not later than 30 days after the date of enactment of this subsection, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives the plan required under paragraph (1), which shall describe— the policies and procedures of the Administrator for conducting oversight and audits of grants made under this section; and the metrics that the Administrator will use to determine which grants made under this section will be audited under that plan.
Not later than 60 days after the date of enactment of this subsection, and once every 30 days thereafter until the date that is 180 days after the date on which all amounts made available to carry out this section have been fully expended, and upon request thereafter, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report on the oversight and audit activities of the Administrator under this subsection, which shall include— the total number of grants approved and disbursed under this section; the total amount of each grant received by each eligible entity; the number of active investigations and audits of grants made under this section; the number of completed reviews and audits of grants made under this section, including a description of— any findings of fraud or other material noncompliance with the requirements of this section; questionable costs identified by the Administrator; and the total amount recouped from ineligible recipients; and a description of any substantial changes made to the plan required under paragraph (1).
This subsection shall apply to grants and decisions made under this section before, on, or after the date of enactment of this subsection. .
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Sec. 104
Oversight and audits
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