How is the magnitude of the CARES Act affecting change in federal financial management? The detrimental impact and strain of COVID-19 on the American economy and healthcare system led the U.S. Congress to pass an unprecedented economic relief package through the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or the Act). Through the $2 trillion package, the federal government aims to provide expedited economic relief to both healthcare resources and to American families and businesses. As a result, the U.S. Office of Management and Budget (OMB) released “Implementation Guidance for Supplemental Funding Provided in Response to the Coronavirus Disease 2019 (COVID-19) M-20-21” to direct federal agencies to focus on three core principles to expeditiously, yet transparently, manage and track funds distributed to recipients.
What do federal financial managers need to do immediately to address the OMB guidance and use of COVID-19 funds? Agencies must move quickly for the American people and execute with both transparency and accountability. Despite current legislative and OMB efforts to streamline targeted funding to recipients, the unprecedented magnitude of the CARES Act presents significant challenges for any federal agency’s chief financial officer. The CARES Act is the largest stimulus legislation ever passed in the U.S., and federal financial leaders are now responsible for monitoring and reporting on the influx of funding. Download the full report to learn what agencies and their federal financial managers should consider to ensure strong internal controls are in place to maximize efficiencies and reduce waste.