![]() The bulk of the allowed spending comes from the CARES Act and American Rescue Plan, bills passed in March of 20, respectively. The process became more refined over time, with additional restrictions added for PPP loans and supplemental unemployment benefits scaled down to an amount that would replace lost wages for the typical worker rather than pay them more than they earned while working. unemployment rate spiked to nearly 15% in April 2020. The initial bills were focused on getting money into Americans' pockets as fast as possible to replace lost income as the U.S. ![]() "Just one pandemic relief program - the $800 billion Paycheck Protection Program (PPP) - is equal to the federal government's entire response to the 2008-2009 financial crisis," wrote PRAC Chair Michael Horowitz in the group's semiannual report to Congress published last week. The unprecedented aid also was also driven by the conventional wisdom that Congress spent too little to fight the Great Recession over a decade ago, prompting lawmakers to "err on the side of caution" this time around, he added. "Compared to past recessions, what took years happened in weeks," Goldwein said. The speed with which the virus wreaked havoc on the economy and the lack of information about how to contain it contributed to a uniquely large and fast government response. ![]() has spent all of the roughly $844 billion set aside for direct payments to individuals, and has sent out all but $3 billion of the more than $830 billion obligated for Paycheck Protection Program small business loans. In two of the most closely watched pandemic aid categories, the government has gone through nearly every obligated dollar. for the first time during the pandemic used the Federal Emergency Management Agency's disaster relief fund - typically doled out in response to major natural disasters - to respond to a public health crisis. The government also has nearly $70 billion of the $114 billion obligated for disaster relief left to use, which may be deployed as needed. Among potential uses for the money, the government could buy doses of the coming Pfizer antiviral Covid treatment, he said. The GAO noted that much of the money obligated for the Department of Health and Human Services is "available for a multiyear period or are available until expended."Īgencies could use these funds as needed on efforts such as Covid-19 testing and treatment, according to Goldwein. The government has spent nearly two-thirds, or $192 billion, of the roughly $303 billion obligated, leaving $111 billion. Policymakers also have a significant share of health care services funding remaining, CNBC's analysis found. The agency was created as part of the March 2020 CARES Act to support oversight of pandemic relief spending. A Congressional Budget Office estimate of outlays from March 2021's nearly $2 trillion American Rescue Plan, for example, shows 40% of total spending is set to take place between 20.Įducation, health care, and disaster relief are among the areas where the government has underspent its obligated funds, according to a CNBC analysis of Treasury data compiled by the Pandemic Response Accountability Committee, or PRAC. Government Accountability Office's financial management and assurance team. What agencies can commit to spending may differ from the initial estimates put forth in bills, or they may just plan to use the funds over a long-term period, said Kristen Kociolek, a director with the U.S. Funds that are not eventually obligated are returned for other government uses. There are deadlines for making these commitments and they could span years. The $500 billion or so in available relief resources that have not been obligated may not end up being spent by agencies. That's because government agencies such as the Small Business Administration and the Department of Labor go through a process of legally committing to a portion of allotted funding, which is known as "obligating." They then start to actually spend it. It can often take time for the total pot of funds to make its way to the American people, budget experts say. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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