U.S. Department of Treasury Announces $350 Billion in Coronavirus State and Local Recovery Funds
Highlights
Through the CARES Act’s Coronavirus State and Local Fiscal Recovery Funds, $350 billion in emergency funding will be provided soon to state, local, territorial, and tribal governments
Funds are to be used in connection to public health, lost public revenue, infrastructure, and essential worker pay
Logistical challenges related to fund eligibility may delay payments
The U.S. Department of the Treasury announced the distribution of Coronavirus State and Local Fiscal Recovery Funds, established by the American Rescue Plan Act of 2021 to provide $350 billion in emergency funding for state, local, territorial, and tribal governments. In tandem, the Treasury Department implemented an online portal for eligible state local governments and tribes to access stimulus funding and also released operational guidance governing use of the funds.
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