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This week, the U.S. Department of the Treasury announced the launch of the Coronavirus State and Local Fiscal Recovery Fund, established by the American Rescue Plan Act of 2021, to provide $350 billion in emergency funding for eligible state, local, territorial, and Tribal governments. According to Treasury s statement accompanying its launch of the program and release of related guidance, the intent is that these funds will provide a substantial infusion of resources to help turn the tide on the pandemic, address its economic fallout, and lay the foundation for a strong and equitable recovery.
Six Ways the Funds Can be Used
Today, the U.S. Treasury released the Interim Final Rule on the Coronavirus State and Local Fiscal Recovery Funds. The funds were authorized by the American Rescue Plan Act of 2021, which was signed into law earlier this year. Under the ARPA, states, territories, metropolitan cities, counties and tribal governments will receive the funds directly from the U.S. Treasury. Local governments that are deemed non-entitlement entities will receive the funds through the state government. The Treasury Department said it expects to issue additional guidance on the distributions to NEUs next week.
Timing and Distribution of Funds