SPEED Recovery Act
Oct 10, 2022
Statute: 136 Stat. 2204
Became law: Oct 10, 2022
Oct 10, 2022
Statute: 136 Stat. 2204
Became law: Oct 10, 2022
Summary
Raises the maximum amount for small disaster relief projects from $35,000 to $1,000,000, which helps speed up the process of getting help.
What problem does this solve?
Small disaster recovery projects often faced slow approval processes because the old funding limit for simplified procedures was too low. This law raises the limit to $1,000,000, allowing more projects to be approved quickly and speeding up community recovery.
What does this law do?
Increases small project funding limit
Raises the funding threshold for disaster relief projects using a simplified procedure from $35,000 to $1,000,000.
Mandates audit for waste and abuse
Requires the Inspector General of the Department of Homeland Security to conduct an audit within 3 years to check for waste and abuse resulting from the new limit.
Adds new reporting requirement
Requires a report on the review of the simplified procedure to be sent to the House and Senate committees.
Who does this affect?
- State and local governments
- Disaster-affected communities
- Non-profit organizations
What is the real world impact?
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Speeds up disaster recovery
Simplifies the approval process for more disaster-related projects by increasing the funding limit. This helps communities rebuild faster after an emergency.
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Increases risk of fraud
Raising the funding limit for simplified projects to $1,000,000 could make it easier for money to be wasted or misused, as these projects receive less oversight. The law requires an audit to check for this.
When does this start?
The new funding limit applies to any disaster relief money approved after the law was passed and has specific deadlines for review.