XBRL US submitted a comment letter to the Small Business Administration (SBA) regarding the collection of data for the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The XBRL US letter recommends that the SBA and other regulators administering large relief fund programs like the CARES Act, leverage data standards to vastly increase efficiency, improve timeliness, reduce the cost of implementation, and ensure that funds go to those in need.
The letter points out that regulators that have standards in place today, like the FDIC, have been able to successfully leverage their own standards programs to facilitate faster, more efficient response to CARES Act requirements. It includes a short case study explaining how the FDIC used XBRL to get data quickly from the banks required to report.
Read the SBA request.