Special Inspector General for Pandemic Recovery — audit reports and memoranda

Case summary

This page collects four documents of the Office of the Special Inspector General for Pandemic Recovery, the CARES Act inspector general for Treasury's Title IV lending, listed between July 31, 2020 and May 24, 2022. They are an implementation review memorandum dated July 28, 2020 addressed to Treasury's Under Secretary for International Affairs; the May 19, 2021 notice closing that review, numbered I-21-001; the Fiscal Year 2022 Audit Plan, Report Number SIGPR-A-21-004 of September 29, 2021; and Alert Memorandum SIGPR-A-22-002-1 of May 24, 2022 on delays in quarterly monitoring of borrowers' compliance with loan requirements. All four concern loans made under section 4003 of the Coronavirus Aid, Relief, and Economic Security Act, and all are addressed to Treasury officials rather than to a court.

Case at a glance

What did the 2020 review recommend?

That Treasury expressly include the Special Inspector General for Pandemic Recovery among the entities entitled to timely and unrestricted access to borrower information in all loan agreements under section 4003 of the CARES Act. The first such loan agreement, dated July 7, 2020, named Treasury and the Treasury Inspector General but not SIGPR.

Was the recommendation carried out?

Yes. Treasury agreed on July 30, 2020, and the implementation review found that in the 34 loan agreements signed after that response Treasury expressly included SIGPR in the section titled "Treasury Access." SIGPR determined that no further action was necessary.

What does the 2022 alert memorandum report?

That Treasury had not conducted timely monitoring of section 4003(b)(1)-(3) loans for the first three quarters of calendar year 2021, with no evidence of monitoring between July 2021 and March 7, 2022, when SIGPR raised the point with Treasury officials by email.

Summary written from the documents on this page; every sentence is sourced.