This bill would take back any COVID-19 relief money that the federal government hasn't spent yet and use it to pay down the national debt. The bill targets six different COVID relief laws passed between 2020 and 2021, including the CARES Act, the American Rescue Plan, and the Paycheck Protection Program. Any money from these programs that hasn't been committed to a specific use would be canceled and sent back to the Treasury. However, the President can protect specific programs or accounts from having their money taken back if he notifies Congress within 60 days and claims it's necessary for national security. The money recovered this way wouldn't be available for new spending—it would only be used to reduce the federal deficit.

Returning Unspent COVID Funds Act

Ernst, Joni

Returning Unspent COVID Funds ActThis bill rescinds certain unobligated funds that were provided to address COVID-19 and requires the funds to be used for deficit reduction.&nbsp;Specifically, the bill rescinds unobligated funds that were provided by&nbsp;<ul><li>the American Rescue Plan Act of 2021;</li><li>Divisions M and N of the Consolidated Appropriations Act, 2021;</li><li>the Paycheck Protection Program and Health Care Enhancement Act;</li><li>the Coronavirus Aid, Relief, and Economic Security Act (CARES Act);</li><li>the Families First Coronavirus Response Act; and</li><li>the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020.</li></ul>Funds rescinded by this bill must remain in the Treasury to be used for the sole purpose of deficit reduction.The bill allows the President to waive the required rescission for an account or program if a notice waiving the rescission for the account or program is submitted to&nbsp;the House Budget Committee and the Senate Finance Committee no later than 60 days after the enactment of this bill.