The Coronavirus, Aid, Relief, and Economic Security (CARES) Act is the largest federal stimulus package ever and approximately three times the size of the 2009 landmark American Recovery and Reinvestment Act (ARRA) which provided more than $800 billion in stimulus fund to revitalize the American economy.
ARRA’s impact on transparency and accountability for federal spending is undeniable. Lessons learned and leading practices of ARRA should be used by agencies to successfully manage CARES Act funds. This paper summarizes CARES Act program and financial management implications and suggests federal agency considerations for distributing, monitoring, and reporting on COVID-19 funds.
