Sponsors (2)
The bill preserves and clarifies PRAC oversight and mandates a detailed report to help improve PPP fraud enforcement, but it provides no new funding and may narrow governance or divert PRAC resources, trading clearer statutory alignment and potential fraud-fighting gains against limited capacity and transitional risks.
Taxpayers and federal inspectors general: PRAC remains linked to the Council of the Inspectors General (5 U.S.C. 424), preserving pandemic-relief oversight and clarifying PRAC membership/authority to improve coordination of audits and investigations.
Congress, taxpayers, and small businesses: PRAC must deliver an independent report by Sept 30, 2030 on how statute-of-limitations extensions affected PPP oversight and fraud enforcement, giving lawmakers evidence to target reforms or corrective actions.
Taxpayers and honest small businesses: PRAC's findings could lead to improved fraud detection, recovery practices, and enforcement that better protect public funds and reduce unfair competition from fraudulent actors.
Taxpayers: The statutory change includes no new appropriations, so PRAC's oversight capacity may remain limited unless Congress provides additional funding.
Taxpayers and federal inspectors general: Tying PRAC to 5 U.S.C. 424 could narrow membership or alter governance and create transitional ambiguity for IG roles and authorities, risking reduced independent oversight or confusion during implementation.
Federal PRAC staff and oversight stakeholders: Preparing the mandated report will consume staff time and resources that could delay other audits or investigations.
Based on analysis of 3 sections of legislative text.
Alters the CARES Act reference for PRAC and requires PRAC to report by Sept 30, 2030 on impacts of statute-of-limitations extensions for certain PPP loan-related claims.
Introduced June 26, 2025 by Eugene Simon Vindman · Last progress June 26, 2025
Amends the CARES Act to change the legal reference governing the Pandemic Response Accountability Committee (PRAC) and requires PRAC to deliver a report to Congress by September 30, 2030. The report must analyze the effects of each extension of the statute of limitations that applied to certain Paycheck Protection Program (PPP) loans under the Small Business Act and related bank-fraud provisions. The bill also designates a short title for the Act.