The CARES Act was enacted in March 2020 to provide emergency financial assistance to people enduring economic hardship from the COVID-19 pandemic. The act created new programs and expanded existing programs administered by the Small Business Administration.

On Aug. 5, President Joe Biden signed into law two bills, extending the statute of limitations for the government to file civil enforcement actions and criminal charges for fraud in obtaining pandemic-related financial assistance under these programs. The two pieces of legislation—the COVID-19 EIDL Fraud Statute of Limitations Act and the PPP and Bank Fraud Enforcement Harmonization Act—extend the statute of limitations to 10 years, aligning with the existing 10-year statute of limitations for prosecuting bank fraud under 18 U.S.C. Section 1344, and mail and wire fraud affecting a financial institution under 18 U.S.C. Sections 1341 and 1343.