OMB Prioritizes Cyber, COVID Tech For New TMF Payback Model

OMB Prioritizes Cyber, COVID Tech For New TMF Payback Model
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May 4, 2021
Officials urged agencies to pitch projects that focus on hack cleanup, COVID-19 response or economic recovery by June 2 for maximum repayment flexibility from the Technology Modernization Fund.
The federal agencies managing a central fund for loaning money to other agencies to upgrade aging IT—a fund that just received $1 billion from Congress as part of the second COVID-19 stimulus package—released an outline Tuesday updating priorities and making fundamental changes to how the fund works.
The Technology Modernization Fund was created as part of the 2017 Modernizing Government Technology Act, or MGT Act, envisioned as a self-sustaining fund that would loan money for projects with wide potential impact and a solid return on investment that would replenish the fund on a three- to five-year cycle.

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