As heartily as businesses have welcomed the CARES (Coronavirus Aid, Relief, and Economic Security) Act, the Paycheck Protection Program (PPP), and other federal relief measures during the current coronavirus crisis, the aid comes with an additional compliance workload for the businesses that benefit from it.
By accepting COVID-19 relief, businesses in most cases must also accept a new set of reporting requirements and other compliance measures. For an indication of just how rigorous and expansive oversight of relief recipients likely will be, consider that the U.S. government allocated a total of $1 billion to the inspector general offices at more than two dozen federal agencies to ensure program funds are used for lawful purposes, according to the accounting, tax, and business advisory firm CohnReznick.
Read the full article, written by Unanet's VP of Product Marketing Kim Koster, on Compliance Week.