Sec. 8. Oversight and audits
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The Administrator shall institute an oversight and audit plan with respect to entities receiving grants under this Act, which shall include— documentation requirements that are consistent with the eligibility and other requirements, including by requiring an entity that receives a grant under this Act to retain records that demonstrate compliance with those requirements; and reviews of the use by entities of grants under this Act to ensure compliance with the requirements under this Act, which shall include— the review and audit, by the Administrator, of grants made under this Act; and in the case of fraud or other material noncompliance with respect to a grant made under this Act— a requirement that the applicable 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 90 days after the date of enactment of this Act, 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 subsection (a), which shall describe— the policies and procedures of the Administrator for conducting oversight and audits of grants under this Act; and the metrics that the Administrator will use to determine which grants will be audited under that plan.
Not later than 90 days after the date of enactment of this Act, 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 Act 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 section, which shall include— the total number of grants under this Act approved and disbursed; the total amount of each grant under this Act received by each entity that received such a payment; the number of active investigations and audits of grants made under this Act; the number of completed reviews and audits of grants under this Act, including a description of— any findings of fraud or other material noncompliance; 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 subsection (a).