EDA Implemented and Followed the Requirements for Awarding and Disbursing CARES Act Funding Through the Revolving Loan Fund Program

For our evaluation of the U.S. Economic Development Administration’s (EDA’s) plan for the implementation of Coronavirus Aid, Relief, and Economic Security Act (CARES Act) funding through its Revolving Loan Fund (RLF) program, our objective was to determine whether EDA followed federal and U.S. Department of Commerce (Departmental) guidelines to award and disburse CARES Act funding through the program. Specifically, we focused on (1) how EDA selected applicants to receive CARES Act funds through the RLF program, (2) whether EDA ensured that RLF pre-disbursement requirements were met prior to disbursing CARES Act funds, and (3) how EDA is monitoring CARES Act funds after they have been disbursed to RLF recipients. We found that EDA I. had a process to select applicants and award CARES Act funds on a competitive and noncompetitive basis through the RLF Program; II. generally ensured that RLF pre-disbursement requirements were met before disbursing CARES Act funds; and III. had a process for monitoring the CARES Act funds after the funds were disbursed.