Audit and Return It Act

Audit and Return It Act

This bill establishes requirements for auditing and rescinding unobligated funds that were provided to address COVID-19.

Specifically, the bill requires the Office of Management and Budget (OMB) to (1) conduct an audit of specified funds that were provided to address COVID-19, and (2) issue a report listing the unobligated funds that remain available.

The bill also requires the unobligated funds to be (1) rescinded on the date the OMB report is issued, and (2) deposited into the Treasury for the sole purpose of deficit reduction.

The bill applies to unobligated funds that were provided by

• the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020;
• the Families First Coronavirus Response Act;
• the Coronavirus Aid, Relief, and Economic Security Act (CARES Act);
• the Paycheck Protection Program and Health Care Enhancement Act;
• Divisions M and N of the Consolidated Appropriations Act, 2021; and
• the American Rescue Plan Act of 2021.